EMPOWER FUNDS, INC.
("Empower Funds")  
Empower Bond Index Fund Empower Core Bond Fund
Institutional Class Ticker / MXCOX Institutional Class Ticker / MXIUX
Investor Class Ticker / MXBIX Investor Class Ticker / MXFDX
Empower Global Bond Fund Empower High Yield Bond Fund
Institutional Class Ticker / MXZMX Institutional Class Ticker / MXFRX
Investor Class Ticker / MXGBX Investor Class Ticker / MXHYX
Empower Inflation-Protected Securities Fund Empower Multi-Sector Bond Fund
Institutional Class Ticker / MXIOX Institutional Class Ticker / MXUGX
Investor Class Ticker / MXIHX Investor Class Ticker / MXLMX
Empower Short Duration Bond Fund Empower U.S. Government Securities Fund
Institutional Class Ticker / MXXJX Institutional Class Ticker / MXDQX
Investor Class Ticker / MXSDX Investor Class Ticker / MXGMX

(the "Fund(s)")
Quarterly Holdings Report

March 31, 2026
This report is submitted for general information and is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.  Nothing herein is to be considered an offer of the sale of shares of the Funds. Such offering is made only by the prospectus of each Fund, which includes details as to offering price and other information. 

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 0.32%
  Capital One Multi-Asset Execution Trust  
  Series 2019-A3 Class A3  
$   500,000 2.06%, 08/15/2028   $      496,358
  Series 2021-A2 Class A2  
 1,000,000 1.39%, 07/15/2030         940,103
 2,000,000 CNH Equipment Trust
Series 2022-B Class A4
3.91%, 03/15/2028   		    1,996,852
8,584,000 Ford Credit Floorplan Master Owner Trust
Series 2018-4 Class A
4.06%, 11/15/2030   		8,521,986
702,119 GM Financial Consumer Automobile Receivables Trust
Series 2022-3 Class A4
3.71%, 12/16/2027   		701,633
1,200,000 Nissan Auto Receivables Owner Trust
Series 2022-B Class A4
4.45%, 11/15/2029   		1,201,401
528,548 Toyota Auto Receivables Owner Trust
Series 2022-B Class A4
3.11%, 08/16/2027   		527,730
1,278,066 World Omni Auto Receivables Trust
Series 2024-A Class A3
4.86%, 03/15/2029   		1,283,583
TOTAL ASSET-BACKED SECURITIES — 0.32%
(Cost $15,685,250) 		$15,669,646
CORPORATE BONDS AND NOTES
Basic Materials — 0.48%
1,000,000 Air Products & Chemicals Inc
4.80%, 03/03/2033
1,007,494
307,000 Albemarle Corp(a)
5.05%, 06/01/2032
308,096
  BHP Billiton Finance USA Ltd  
1,000,000 5.30%, 02/21/2035 1,017,913
1,000,000 5.00%, 09/30/2043 931,344
1,000,000 Cabot Corp
5.00%, 06/30/2032
999,068
  CF Industries Inc  
175,000 5.15%, 03/15/2034 173,907
1,000,000 4.95%, 06/01/2043 892,170
  Dow Chemical Co  
1,059,000 4.80%, 01/15/2031 1,045,779
1,300,000 3.60%, 11/15/2050 835,989
900,000 Eastman Chemical Co
4.65%, 10/15/2044
754,039
  Ecolab Inc  
500,000 4.30%, 06/15/2028 501,204
1,000,000 2.70%, 12/15/2051 599,977
Principal Amount   Fair Value
Basic Materials — (continued)
$ 2,000,000 Freeport-McMoRan Inc
4.63%, 08/01/2030
$    1,986,852
   406,000 International Paper Co(a)
4.35%, 08/15/2048
      316,413
 1,000,000 LYB International Finance BV
5.25%, 07/15/2043
      859,521
   395,000 LYB International Finance III LLC
3.63%, 04/01/2051
      254,715
   250,000 Mosaic Co
5.45%, 11/15/2033
      252,658
 1,200,000 Newmont Corp / Newcrest Finance Pty Ltd
5.35%, 03/15/2034
    1,234,111
 1,000,000 Nucor Corp
4.65%, 06/01/2030
    1,009,299
  Nutrien Ltd  
1,000,000 4.90%, 03/27/2028 1,008,250
1,000,000 4.13%, 03/15/2035 916,536
  Rio Tinto Finance USA PLC  
1,055,000 4.88%, 03/14/2030 1,071,516
1,000,000 5.00%, 03/09/2033 1,015,872
1,000,000 5.25%, 03/14/2035 1,015,975
1,400,000 Sherwin-Williams Co
4.80%, 09/01/2031
1,411,120
500,000 Southern Copper Corp
5.25%, 11/08/2042
460,175
1,000,000 Steel Dynamics Inc
3.45%, 04/15/2030
956,348
266,000 Vale Overseas Ltd
6.40%, 06/28/2054
269,378
1,175,000 Westlake Corp
3.13%, 08/15/2051
712,562
    23,818,281
Communications — 2.17%
  Alibaba Group Holding Ltd  
1,000,000 4.88%, 05/26/2030 1,022,627
274,000 4.20%, 12/06/2047 226,162
712,000 3.25%, 02/09/2061 454,352
  Alphabet Inc  
3,500,000 4.80%, 02/15/2036 3,485,008
3,675,000 1.90%, 08/15/2040 2,452,151
307,000 5.35%, 11/15/2045 300,182
800,000 5.25%, 05/15/2055 755,368
2,072,000 2.25%, 08/15/2060(a) 1,041,968
  Amazon.com Inc  
2,000,000 3.15%, 08/22/2027 1,975,801
1,675,000 2.10%, 05/12/2031 1,501,040
8,000,000 2.88%, 05/12/2041 5,928,323
810,000 4.05%, 08/22/2047 647,685
2,500,000 2.50%, 06/03/2050 1,459,416
1,675,000 3.10%, 05/12/2051 1,094,568
175,000 3.25%, 05/12/2061 108,552
  America Movil SAB de CV  
750,000 2.88%, 05/07/2030 698,672
376,000 4.38%, 04/22/2049 307,980
  AppLovin Corp  
365,000 5.38%, 12/01/2031 368,581
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Communications — (continued)
$   105,000 5.95%, 12/01/2054 $       95,376
  AT&T Inc  
 1,800,000 4.30%, 02/15/2030     1,788,582
 2,000,000 2.75%, 06/01/2031     1,828,869
 1,600,000 2.55%, 12/01/2033     1,353,980
 4,000,000 3.50%, 06/01/2041     3,102,713
 1,500,000 4.50%, 03/09/2048     1,210,357
3,222,000 3.30%, 02/01/2052 2,040,019
2,134,000 3.50%, 09/15/2053 1,399,341
310,000 Bell Canada
4.46%, 04/01/2048
250,832
  Charter Communications Operating LLC / Charter Communications Operating Capital  
800,000 6.10%, 06/01/2029 828,681
800,000 6.55%, 06/01/2034 830,523
1,515,000 5.85%, 12/01/2035 1,490,134
1,800,000 3.50%, 03/01/2042 1,232,174
3,000,000 5.38%, 05/01/2047 2,414,065
  Cisco Systems Inc  
1,000,000 4.55%, 02/24/2028(a) 1,010,116
1,600,000 4.95%, 02/26/2031 1,639,245
1,000,000 5.10%, 02/24/2035 1,013,642
600,000 5.30%, 02/26/2054 562,730
  Comcast Corp  
1,000,000 5.10%, 06/01/2029 1,023,455
2,000,000 1.95%, 01/15/2031 1,774,309
2,000,000 4.80%, 05/15/2033 1,988,965
4,500,000 3.40%, 07/15/2046 3,069,071
175,000 2.80%, 01/15/2051 100,109
1,586,000 2.89%, 11/01/2051 916,812
1,388,000 2.94%, 11/01/2056 768,904
175,000 2.99%, 11/01/2063 92,661
400,000 5.50%, 05/15/2064 354,252
860,000 Corning Inc
4.38%, 11/15/2057
677,238
640,000 Deutsche Telekom International Finance BV
8.75%, 06/15/2030
735,020
1,000,000 eBay Inc
2.60%, 05/10/2031
902,436
  Fox Corp  
500,000 5.48%, 01/25/2039 483,654
242,000 5.58%, 01/25/2049 223,037
300,000 Grupo Televisa SAB
5.00%, 05/13/2045
186,384
  Meta Platforms Inc  
1,000,000 4.30%, 08/15/2029 1,004,461
1,000,000 4.75%, 08/15/2034 989,114
2,000,000 4.88%, 11/15/2035 1,962,083
690,000 5.50%, 11/15/2045 652,958
1,095,000 4.45%, 08/15/2052 861,394
1,200,000 5.40%, 08/15/2054 1,086,908
1,500,000 5.63%, 11/15/2055 1,406,086
200,000 5.55%, 08/15/2064 179,752
  Motorola Solutions Inc  
900,000 2.75%, 05/24/2031 817,889
1,485,000 5.20%, 08/15/2032 1,506,194
Principal Amount   Fair Value
Communications — (continued)
$   800,000 5.40%, 04/15/2034 $      809,594
  Netflix Inc  
 1,000,000 4.88%, 06/15/2030(b)     1,014,287
   225,000 4.90%, 08/15/2034       226,749
 1,200,000 Omnicom Group Inc
2.45%, 04/30/2030
    1,100,690
   268,000 Orange SA
5.50%, 02/06/2044
      260,405
  Rogers Communications Inc  
1,000,000 5.30%, 02/15/2034 995,645
1,700,000 4.50%, 03/15/2042 1,433,587
1,175,000 Telefonica Emisiones SA
5.21%, 03/08/2047
1,020,298
750,000 Time Warner Cable LLC
4.50%, 09/15/2042
563,211
  T-Mobile USA Inc  
1,000,000 4.80%, 07/15/2028 1,009,566
1,600,000 3.88%, 04/15/2030 1,558,194
900,000 5.20%, 01/15/2033 916,106
1,000,000 4.95%, 11/15/2035 981,755
2,500,000 4.38%, 04/15/2040 2,197,529
620,000 3.30%, 02/15/2051 405,777
1,675,000 3.40%, 10/15/2052 1,096,920
800,000 5.88%, 11/15/2055 780,124
175,000 3.60%, 11/15/2060 113,581
1,500,000 TWDC Enterprises 18 Corp
4.13%, 12/01/2041
1,281,585
800,000 Uber Technologies Inc
4.80%, 09/15/2034
783,207
  Verizon Communications Inc  
1,110,000 2.10%, 03/22/2028 1,065,815
1,000,000 1.75%, 01/20/2031 876,717
1,675,000 2.55%, 03/21/2031 1,520,679
2,000,000 4.78%, 02/15/2035 1,935,780
3,500,000 2.85%, 09/03/2041 2,461,980
1,250,000 3.85%, 11/01/2042 996,200
1,753,000 2.88%, 11/20/2050 1,063,090
1,175,000 3.55%, 03/22/2051 819,766
1,675,000 2.99%, 10/30/2056 982,933
175,000 3.70%, 03/22/2061 116,607
  Vodafone Group PLC  
500,000 5.00%, 05/30/2038 488,239
500,000 4.38%, 02/19/2043 418,388
984,000 4.25%, 09/17/2050 755,734
  Walt Disney Co  
1,500,000 2.65%, 01/13/2031 1,392,058
2,500,000 3.50%, 05/13/2040 2,047,274
    107,173,031
Consumer, Cyclical — 1.41%
1,000,000 American Airlines Pass
Series 2025-1 Class A
4.90%, 05/11/2038
960,023
  American Honda Finance Corp  
1,200,000 4.55%, 03/03/2028 1,199,490
1,000,000 4.90%, 03/13/2029 1,006,628
1,500,000 5.15%, 07/09/2032 1,502,880
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$ 1,000,000 Aptiv Swiss Holdings Ltd
3.10%, 12/01/2051
$      616,901
   175,000 AutoNation Inc
2.40%, 08/01/2031
      152,903
   500,000 AutoZone Inc
5.40%, 07/15/2034
      507,691
   175,000 Brunswick Corp
2.40%, 08/18/2031
      151,744
 1,500,000 Costco Wholesale Corp
1.75%, 04/20/2032
    1,296,427
 1,000,000 Cummins Inc
5.15%, 02/20/2034
    1,016,697
   600,000 Delta Air Lines Inc
4.95%, 07/10/2028
      602,208
  Dollar General Corp  
1,000,000 5.20%, 07/05/2028 1,010,969
500,000 3.50%, 04/03/2030 476,079
1,000,000 Dollar Tree Inc
2.65%, 12/01/2031
889,526
  DR Horton Inc  
1,000,000 1.40%, 10/15/2027 957,087
850,000 5.50%, 10/15/2035 862,517
2,000,000 Ford Motor Co
6.10%, 08/19/2032
2,016,387
  Ford Motor Credit Co LLC  
4,000,000 5.88%, 11/07/2029 4,049,962
1,600,000 6.13%, 03/08/2034 1,584,553
  General Motors Co  
400,000 6.25%, 10/02/2043 392,807
1,500,000 5.20%, 04/01/2045 1,301,911
  General Motors Financial Co Inc  
2,000,000 2.70%, 08/20/2027 1,948,955
1,000,000 5.05%, 04/04/2028 1,008,681
645,000 4.20%, 10/27/2028 638,356
1,000,000 4.90%, 10/06/2029 1,004,982
1,000,000 5.75%, 02/08/2031 1,031,821
  Home Depot Inc  
1,000,000 3.90%, 12/06/2028 996,022
1,500,000 1.88%, 09/15/2031 1,312,878
1,000,000 4.50%, 09/15/2032 998,561
1,000,000 4.95%, 06/25/2034 1,007,240
1,300,000 4.88%, 02/15/2044 1,187,134
1,500,000 3.63%, 04/15/2052 1,070,663
  Hyatt Hotels Corp  
360,000 5.25%, 06/30/2029 365,619
800,000 5.75%, 03/30/2032 821,927
  Lowe's Cos Inc  
2,000,000 3.65%, 04/05/2029 1,956,365
1,200,000 5.00%, 04/15/2033 1,206,252
1,000,000 4.85%, 10/15/2035 973,834
1,000,000 2.80%, 09/15/2041 704,194
1,000,000 4.45%, 04/01/2062 756,854
  Marriott International Inc  
1,000,000 4.50%, 10/15/2031 988,337
1,400,000 5.50%, 04/15/2037 1,393,872
  McDonald's Corp  
1,000,000 5.00%, 05/17/2029 1,022,704
1,500,000 4.95%, 03/03/2035 1,492,149
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$ 1,000,000 5.15%, 09/09/2052 $      903,495
   500,000 Mercedes-Benz Finance North America LLC(b)
5.10%, 08/03/2028
      507,700
 1,000,000 Nike Inc
2.85%, 03/27/2030
      944,487
 1,000,000 O'Reilly Automotive Inc
4.70%, 06/15/2032
      993,205
   600,000 PACCAR Financial Corp
4.45%, 08/06/2027
      603,382
    76,000 PVH Corp
5.50%, 06/13/2030
       76,565
 1,000,000 Southwest Airlines Co
4.38%, 11/15/2028
      987,039
  Starbucks Corp  
1,500,000 2.25%, 03/12/2030 1,375,034
700,000 5.00%, 02/15/2034 703,469
600,000 4.45%, 08/15/2049 489,022
  Tapestry Inc  
370,000 5.10%, 03/11/2030 373,843
225,000 5.50%, 03/11/2035 225,388
  Target Corp  
525,000 4.35%, 06/15/2028 527,443
1,500,000 3.38%, 04/15/2029 1,466,214
1,000,000 2.95%, 01/15/2052(a) 628,956
1,000,000 TJX Cos Inc
1.15%, 05/15/2028
939,216
  Toyota Motor Credit Corp  
2,200,000 4.50%, 05/14/2027 2,208,665
1,000,000 4.45%, 06/29/2029 1,003,557
1,000,000 4.80%, 05/15/2030 1,011,038
1,500,000 4.65%, 09/03/2032 1,488,870
910,628 United Airlines Pass Through Trust
Series 2023-1 Class A
5.80%, 01/15/2036
937,291
  Walmart Inc  
1,500,000 1.50%, 09/22/2028 1,415,662
1,000,000 4.10%, 04/15/2033 984,606
260,000 4.90%, 04/28/2035 263,634
1,200,000 4.05%, 06/29/2048 979,220
772,000 2.65%, 09/22/2051 474,458
600,000 WW Grainger Inc
4.45%, 09/15/2034
590,002
    69,544,251
Consumer, Non-Cyclical — 4.17%
  Abbott Laboratories  
1,448,000 1.40%, 06/30/2030(a) 1,285,521
3,000,000 4.90%, 11/30/2046 2,753,767
  AbbVie Inc  
1,500,000 4.88%, 03/15/2030 1,529,923
2,500,000 4.50%, 05/14/2035 2,417,722
3,000,000 4.75%, 03/15/2036 2,943,356
2,000,000 4.88%, 11/14/2048 1,793,378
1,175,000 4.25%, 11/21/2049 953,786
500,000 Aetna Inc
3.88%, 08/15/2047
363,579
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  Altria Group Inc  
$ 1,366,000 3.88%, 09/16/2046 $    1,000,526
 1,500,000 3.70%, 02/04/2051     1,032,531
  Amgen Inc  
 1,800,000 5.15%, 03/02/2028     1,826,378
   175,000 1.65%, 08/15/2028       165,006
   600,000 2.00%, 01/15/2032       519,206
3,400,000 2.80%, 08/15/2041 2,450,189
1,675,000 3.00%, 01/15/2052(a) 1,076,298
1,892,000 2.77%, 09/01/2053 1,117,091
  Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc  
4,100,000 4.70%, 02/01/2036 3,993,289
2,000,000 4.90%, 02/01/2046 1,802,344
  Anheuser-Busch InBev Worldwide Inc  
318,000 4.95%, 01/15/2042 296,644
1,200,000 4.44%, 10/06/2048 1,006,128
589,000 4.50%, 06/01/2050 519,243
1,000,000 Archer-Daniels-Midland Co
2.90%, 03/01/2032
912,295
183,000 Ascension Health
3.95%, 11/15/2046
145,411
1,000,000 Astrazeneca Finance LLC
4.88%, 03/03/2028
1,015,340
  AstraZeneca PLC  
1,500,000 1.38%, 08/06/2030 1,323,677
1,000,000 4.00%, 09/18/2042 841,202
600,000 Automatic Data Processing Inc
4.75%, 05/08/2032
606,154
  BAT Capital Corp  
1,000,000 4.91%, 04/02/2030 1,010,802
1,000,000 4.74%, 03/16/2032 996,601
485,000 4.54%, 08/15/2047 393,787
1,500,000 5.65%, 03/16/2052 1,389,544
  Baxter International Inc  
1,000,000 2.54%, 02/01/2032 842,867
1,000,000 3.13%, 12/01/2051 572,463
  Becton Dickinson & Co  
500,000 3.70%, 06/06/2027 495,884
1,000,000 4.30%, 08/22/2032 969,275
2,000,000 Biogen Inc
3.15%, 05/01/2050
1,260,398
1,000,000 Boston Scientific Corp
2.65%, 06/01/2030
931,727
  Bristol-Myers Squibb Co  
1,000,000 1.13%, 11/13/2027 955,272
1,500,000 1.45%, 11/13/2030 1,318,956
1,000,000 4.13%, 06/15/2039 890,722
500,000 5.50%, 02/22/2044 490,399
1,500,000 4.35%, 11/15/2047 1,236,584
1,200,000 5.55%, 02/22/2054 1,155,487
500,000 Bunge Ltd Finance Corp
2.75%, 05/14/2031
455,275
  Campbell's Co  
500,000 2.38%, 04/24/2030 449,089
300,000 5.40%, 03/21/2034 291,155
500,000 4.75%, 03/23/2035 460,314
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$ 1,000,000 Cardinal Health Inc
4.37%, 06/15/2047
$      811,101
  Cencora Inc  
   500,000 2.80%, 05/15/2030       466,377
   800,000 5.15%, 02/15/2035       805,715
 2,500,000 Centene Corp
2.50%, 03/01/2031
    2,097,883
  Cigna Group  
   500,000 2.40%, 03/15/2030       461,892
1,000,000 5.13%, 05/15/2031 1,020,594
750,000 4.80%, 08/15/2038 705,146
827,000 3.88%, 10/15/2047 620,403
175,000 4.90%, 12/15/2048 151,941
1,000,000 5.60%, 02/15/2054 946,920
1,000,000 Cintas Corp No 2
4.00%, 05/01/2032
970,012
  Coca-Cola Co  
1,500,000 2.00%, 03/05/2031 1,347,730
1,400,000 5.20%, 01/14/2055 1,325,732
1,000,000 Colgate-Palmolive Co(a)
3.25%, 08/15/2032
938,621
  CommonSpirit Health  
462,000 3.82%, 10/01/2049 339,152
390,000 3.91%, 10/01/2050 285,955
500,000 Conagra Brands Inc
5.30%, 10/01/2026
502,275
  Constellation Brands Inc  
1,000,000 4.75%, 05/09/2032(a) 992,427
254,000 4.50%, 05/09/2047 206,958
1,000,000 CSL Finance PLC(b)
4.63%, 04/27/2042
882,487
  CVS Health Corp  
750,000 1.30%, 08/21/2027 718,623
1,000,000 5.13%, 02/21/2030 1,014,023
1,175,000 2.13%, 09/15/2031 1,018,829
1,000,000 5.00%, 09/15/2032 1,000,802
2,200,000 4.78%, 03/25/2038 2,027,383
1,600,000 5.13%, 07/20/2045 1,404,405
1,000,000 6.05%, 06/01/2054 970,121
694,766 CVS Pass Through Trust
6.04%, 12/10/2028
701,288
1,000,000 Danaher Corp
2.80%, 12/10/2051
616,026
1,000,000 Diageo Capital PLC
5.50%, 01/24/2033
1,032,519
  Elevance Health Inc  
1,000,000 2.88%, 09/15/2029 946,745
1,000,000 2.25%, 05/15/2030 911,112
800,000 5.20%, 02/15/2035 798,686
500,000 4.63%, 05/15/2042 437,810
532,000 3.70%, 09/15/2049 378,978
978,000 3.13%, 05/15/2050 625,903
500,000 6.10%, 10/15/2052 501,448
  Eli Lilly & Co  
1,190,000 4.75%, 02/12/2030 1,211,565
1,000,000 4.70%, 02/27/2033 1,007,152
1,000,000 5.10%, 02/12/2035 1,020,337
1,000,000 2.25%, 05/15/2050 563,617
600,000 4.88%, 02/27/2053 536,020
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$ 1,000,000 5.55%, 10/15/2055 $      987,138
   800,000 5.60%, 02/12/2065       782,937
   245,000 5.65%, 10/15/2065       240,640
  Equifax Inc  
   500,000 5.10%, 06/01/2028       506,370
   175,000 2.35%, 09/15/2031       153,395
 1,000,000 Estee Lauder Cos Inc
2.38%, 12/01/2029
      931,000
  GE HealthCare Technologies Inc  
1,000,000 5.65%, 11/15/2027 1,019,863
1,000,000 5.91%, 11/22/2032 1,054,815
  General Mills Inc  
1,000,000 4.20%, 04/17/2028 994,790
1,000,000 5.25%, 01/30/2035 988,476
236,000 George Washington University
4.13%, 09/15/2048
189,236
  Gilead Sciences Inc  
1,000,000 4.00%, 09/01/2036 921,986
2,175,000 2.60%, 10/01/2040 1,574,250
500,000 5.55%, 10/15/2053 486,191
1,200,000 GlaxoSmithKline Capital Inc
4.88%, 04/15/2035
1,195,267
  Global Payments Inc  
1,100,000 5.40%, 08/15/2032 1,090,893
500,000 4.15%, 08/15/2049 355,818
1,000,000 Haleon US Capital LLC
3.63%, 03/24/2032
939,647
  HCA Inc  
2,000,000 4.13%, 06/15/2029 1,972,351
1,000,000 2.38%, 07/15/2031 883,761
1,000,000 5.50%, 06/01/2033 1,019,942
1,000,000 4.90%, 11/15/2035 966,810
675,000 3.50%, 07/15/2051 446,751
500,000 5.95%, 09/15/2054 480,928
500,000 5.70%, 11/15/2055 465,121
1,200,000 Hormel Foods Corp
4.80%, 03/30/2027
1,205,305
  Humana Inc  
800,000 3.95%, 03/15/2027 796,447
352,000 3.95%, 08/15/2049 245,859
800,000 5.75%, 04/15/2054 718,913
1,000,000 IQVIA Inc
6.25%, 02/01/2029
1,039,336
  J M Smucker Co  
303,000 2.13%, 03/15/2032 260,114
243,000 4.38%, 03/15/2045 198,095
  JBS NV / JBS USA Foods Group Holdings Inc / JBS USA Food Co Holdings  
1,000,000 5.75%, 04/01/2033 1,032,240
770,000 5.95%, 04/20/2035 799,309
1,500,000 5.50%, 01/15/2036 1,500,690
527,000 4.38%, 02/02/2052 401,179
  Johnson & Johnson  
1,000,000 4.55%, 03/01/2028 1,011,638
800,000 4.90%, 06/01/2031 826,616
3,000,000 3.40%, 01/15/2038 2,600,768
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$   551,000 Kaiser Foundation Hospitals
3.27%, 11/01/2049
$      377,190
 1,000,000 Kellanova
5.25%, 03/01/2033
    1,020,619
  Kenvue Inc  
   930,000 4.85%, 05/22/2032       939,905
 1,000,000 5.10%, 03/22/2043       944,432
  Keurig Dr Pepper Inc  
   500,000 4.60%, 05/25/2028       499,847
900,000 5.30%, 03/15/2034 892,328
413,000 3.35%, 03/15/2051 264,774
1,000,000 Kimberly-Clark Corp
1.05%, 09/15/2027
957,758
  Kraft Heinz Foods Co  
2,000,000 3.75%, 04/01/2030 1,935,322
1,200,000 4.88%, 10/01/2049 981,340
  Kroger Co  
1,000,000 5.00%, 09/15/2034 987,363
587,000 3.88%, 10/15/2046 442,956
306,000 3.95%, 01/15/2050 227,466
400,000 5.50%, 09/15/2054 371,471
1,000,000 Laboratory Corp of America Holdings
3.60%, 09/01/2027
989,346
1,000,000 Massachusetts Institute of Technology
5.62%, 06/01/2055
1,013,257
  McCormick & Co Inc  
1,000,000 4.95%, 04/15/2033 988,862
600,000 4.70%, 10/15/2034 572,552
800,000 McKesson Corp
4.95%, 05/30/2032
812,569
1,000,000 Medtronic Global Holdings SCA
4.50%, 03/30/2033
987,394
320,000 Medtronic Inc
4.63%, 03/15/2045
285,336
  Merck & Co Inc  
500,000 1.45%, 06/24/2030 445,329
2,000,000 2.15%, 12/10/2031 1,770,606
2,000,000 2.35%, 06/24/2040 1,417,961
1,000,000 4.90%, 05/17/2044 917,342
423,000 2.75%, 12/10/2051 257,283
800,000 5.00%, 05/17/2053 720,965
466,000 Molson Coors Beverage Co
4.20%, 07/15/2046
363,918
1,500,000 Mondelez International Inc
2.75%, 04/13/2030
1,397,467
600,000 Moody's Corp
5.00%, 08/05/2034
599,774
201,000 Mylan Inc
5.20%, 04/15/2048
159,108
  Novartis Capital Corp  
1,000,000 3.80%, 09/18/2029 987,018
500,000 4.20%, 09/18/2034 483,469
2,500,000 4.90%, 03/18/2036 2,494,018
636,000 3.70%, 09/21/2042 516,121
500,000 4.70%, 09/18/2054 436,797
199,000 NYU Hospitals Center
4.37%, 07/01/2047
168,472
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$ 1,500,000 PayPal Holdings Inc
2.85%, 10/01/2029
$    1,422,691
  PepsiCo Inc  
 1,000,000 4.45%, 02/07/2028     1,008,014
 2,000,000 4.65%, 07/23/2032     2,014,281
 2,500,000 3.45%, 10/06/2046     1,853,039
  Pfizer Inc  
 1,175,000 1.75%, 08/18/2031     1,026,005
1,500,000 4.00%, 12/15/2036 1,381,481
3,000,000 2.55%, 05/28/2040 2,174,683
  Pfizer Investment Enterprises Pte Ltd  
1,000,000 4.45%, 05/19/2028 1,005,935
1,000,000 4.75%, 05/19/2033 996,190
460,000 5.11%, 05/19/2043 434,054
1,529,000 5.30%, 05/19/2053 1,421,007
  Philip Morris International Inc  
770,000 4.38%, 11/01/2027 771,879
1,600,000 2.10%, 05/01/2030 1,456,123
1,600,000 4.75%, 11/01/2031 1,607,274
1,000,000 5.25%, 02/13/2034 1,018,301
800,000 4.63%, 10/29/2035 769,576
  Procter & Gamble Co  
2,000,000 1.20%, 10/29/2030 1,750,490
800,000 4.55%, 10/24/2034 801,508
800,000 4.35%, 11/03/2035 775,680
1,000,000 Quest Diagnostics Inc
4.60%, 12/15/2027
1,004,481
1,000,000 Revvity Inc
2.25%, 09/15/2031
873,437
431,000 Reynolds American Inc
5.85%, 08/15/2045
417,415
  Royalty Pharma PLC  
175,000 2.15%, 09/02/2031 152,504
1,250,000 5.20%, 09/25/2035 1,233,665
800,000 3.30%, 09/02/2040 606,536
1,000,000 S&P Global Inc
2.90%, 03/01/2032
911,911
1,000,000 Sanofi SA
3.80%, 11/03/2028
993,048
  Stryker Corp  
500,000 4.85%, 12/08/2028 507,374
1,000,000 4.63%, 03/15/2046 866,155
  Sysco Corp  
1,000,000 3.25%, 07/15/2027 984,762
1,000,000 5.10%, 09/23/2030 1,007,947
1,000,000 4.45%, 03/15/2048 789,168
  Takeda Pharmaceutical Co Ltd  
1,000,000 2.05%, 03/31/2030 908,607
800,000 5.65%, 07/05/2054 766,653
1,000,000 Takeda US Financing Inc
5.20%, 07/07/2035
1,000,074
  Thermo Fisher Scientific Inc  
175,000 1.75%, 10/15/2028 164,788
1,175,000 2.00%, 10/15/2031 1,038,398
2,409,000 2.80%, 10/15/2041 1,758,006
1,000,000 Tyson Foods Inc
5.70%, 03/15/2034
1,035,212
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
  Unilever Capital Corp  
$ 1,000,000 4.88%, 09/08/2028 $    1,016,909
   185,000 1.75%, 08/12/2031       161,967
 1,175,000 2.63%, 08/12/2051       711,444
  UnitedHealth Group Inc  
 1,000,000 5.25%, 02/15/2028     1,017,559
 2,000,000 4.00%, 05/15/2029     1,979,339
1,000,000 5.15%, 07/15/2034 1,008,526
835,000 5.30%, 06/15/2035(a) 851,811
1,500,000 3.50%, 08/15/2039 1,213,232
600,000 5.50%, 07/15/2044 578,998
1,000,000 4.20%, 01/15/2047 797,859
2,500,000 2.90%, 05/15/2050 1,556,308
1,000,000 5.63%, 07/15/2054 953,074
240,000 5.95%, 06/15/2055 241,771
385,000 5.75%, 07/15/2064 366,602
302,000 Utah Acquisition Sub Inc
3.95%, 06/15/2026
301,425
  Viatris Inc  
175,000 2.70%, 06/22/2030 158,550
1,000,000 3.85%, 06/22/2040 758,968
  Zoetis Inc  
1,000,000 2.00%, 05/15/2030 908,301
500,000 5.60%, 11/16/2032 523,462
    206,306,375
Energy — 1.63%
  Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc  
1,000,000 2.06%, 12/15/2026 986,548
467,000 4.08%, 12/15/2047 366,749
  BP Capital Markets America Inc  
1,000,000 5.02%, 11/17/2027 1,013,126
842,000 3.63%, 04/06/2030 818,995
800,000 5.23%, 11/17/2034 816,434
1,500,000 2.77%, 11/10/2050 921,097
1,000,000 3.00%, 03/17/2052 632,793
  Canadian Natural Resources Ltd  
1,000,000 3.85%, 06/01/2027 994,328
520,000 5.00%, 12/15/2029 527,977
1,000,000 Cenovus Energy Inc
2.65%, 01/15/2032
889,111
  Cheniere Corpus Christi Holdings LLC  
500,000 5.13%, 06/30/2027 502,581
175,000 2.74%, 12/31/2039 147,980
1,000,000 Cheniere Energy Partners LP
5.75%, 08/15/2034
1,030,022
2,000,000 Chevron Corp
3.08%, 05/11/2050
1,347,192
  ConocoPhillips Co  
438,000 5.90%, 10/15/2032 470,587
1,000,000 5.00%, 01/15/2035 1,003,525
1,175,000 3.76%, 03/15/2042 945,807
500,000 5.50%, 01/15/2055(a) 477,649
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Energy — (continued)
  Coterra Energy Inc  
$   509,000 4.38%, 03/15/2029 $      507,096
   800,000 5.40%, 02/15/2035       802,551
    43,000 Coterra Energy Operating Co
4.38%, 03/15/2029
       41,441
  Devon Energy Corp  
 1,000,000 5.60%, 07/15/2041       966,503
   192,000 4.75%, 05/15/2042       168,518
  Diamondback Energy Inc  
1,000,000 3.50%, 12/01/2029 964,908
800,000 5.75%, 04/18/2054 756,594
1,200,000 Eastern Energy Gas Holdings LLC
5.80%, 01/15/2035
1,244,466
  Enbridge Inc  
410,000 4.90%, 06/20/2030 414,292
1,000,000 5.63%, 04/05/2034 1,031,489
311,000 4.00%, 11/15/2049 234,640
600,000 6.70%, 11/15/2053 651,142
  Energy Transfer LP  
1,000,000 4.95%, 06/15/2028 1,010,098
345,000 5.20%, 04/01/2030 352,701
2,000,000 5.75%, 02/15/2033 2,080,005
1,000,000 5.70%, 04/01/2035 1,027,031
1,000,000 5.15%, 03/15/2045 870,414
800,000 5.35%, 05/15/2045 715,173
1,000,000 5.95%, 05/15/2054 937,676
  Enterprise Products Operating LLC  
1,500,000 2.80%, 01/31/2030 1,414,010
1,000,000 4.60%, 01/15/2031 1,001,632
1,000,000 4.95%, 02/15/2035 996,922
664,000 4.85%, 08/15/2042 604,439
175,000 4.20%, 01/31/2050 139,094
1,000,000 5.55%, 02/16/2055 961,930
500,000 5.38%, 02/15/2078 495,165
  EOG Resources Inc  
800,000 5.35%, 01/15/2036 811,859
351,000 4.95%, 04/15/2050 310,397
500,000 EQT Corp
5.70%, 04/01/2028
511,553
  Equinor ASA  
700,000 3.13%, 04/06/2030 669,486
1,000,000 4.25%, 11/23/2041 866,175
  Exxon Mobil Corp  
175,000 2.61%, 10/15/2030 163,488
1,175,000 3.00%, 08/16/2039 933,390
2,421,000 3.45%, 04/15/2051 1,724,427
500,000 Halliburton Co
5.00%, 11/15/2045
443,488
500,000 Helmerich & Payne Inc
4.65%, 12/01/2027
500,493
1,000,000 Hess Corp
5.60%, 02/15/2041
1,015,941
  Kinder Morgan Energy Partners LP  
175,000 6.95%, 01/15/2038 195,365
571,000 4.70%, 11/01/2042 499,711
Principal Amount   Fair Value
Energy — (continued)
  Kinder Morgan Inc  
$ 1,000,000 5.10%, 08/01/2029 $    1,020,355
   500,000 2.00%, 02/15/2031       442,412
 1,000,000 4.80%, 02/01/2033       991,890
 1,200,000 5.95%, 08/01/2054     1,190,538
   500,000 Marathon Petroleum Corp
4.75%, 09/15/2044
      425,103
  MPLX LP  
1,000,000 4.25%, 12/01/2027 997,070
1,000,000 4.80%, 02/15/2031 1,002,288
1,000,000 5.00%, 03/01/2033 994,384
900,000 5.50%, 02/15/2049 813,447
1,000,000 6.20%, 09/15/2055 986,928
175,000 NOV Inc
3.60%, 12/01/2029
168,994
1,000,000 Occidental Petroleum Corp(a)
5.55%, 10/01/2034
1,016,961
  ONEOK Inc  
1,000,000 5.65%, 11/01/2028 1,026,684
1,000,000 6.10%, 11/15/2032 1,053,478
650,000 5.05%, 11/01/2034 632,252
600,000 5.40%, 10/15/2035 596,036
355,000 4.25%, 09/15/2046 270,923
500,000 4.85%, 02/01/2049 410,816
573,000 3.95%, 03/01/2050 406,026
675,000 ONEOK Partners LP
6.20%, 09/15/2043
673,385
  Phillips 66 Co  
800,000 5.25%, 06/15/2031 820,046
1,200,000 4.95%, 03/15/2035(a) 1,181,556
679,000 4.88%, 11/15/2044 589,848
330,000 Plains All American Pipeline LP / PAA Finance Corp
4.70%, 06/15/2044
278,826
1,000,000 Sabine Pass Liquefaction LLC
4.20%, 03/15/2028
995,848
500,000 Schlumberger Holdings Corp(a)(b)
4.85%, 05/15/2033
499,221
  Shell Finance US Inc  
2,000 2.38%, 11/07/2029 1,876
1,000,000 2.75%, 04/06/2030 941,487
500,000 4.13%, 05/11/2035 474,069
175,000 6.38%, 12/15/2038(b) 192,461
140,000 4.38%, 05/11/2045 119,043
175,000 4.00%, 05/10/2046 138,849
972,000 3.75%, 09/12/2046 743,438
175,000 3.25%, 04/06/2050 119,074
500,000 Shell International Finance BV
3.63%, 08/21/2042
394,301
1,000,000 Spectra Energy Partners LP
3.38%, 10/15/2026
994,989
  Suncor Energy Inc  
500,000 6.80%, 05/15/2038 546,328
175,000 3.75%, 03/04/2051 122,721
  Targa Resources Corp  
1,000,000 4.20%, 02/01/2033 946,738
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Energy — (continued)
$   600,000 5.50%, 02/15/2035 $      605,336
   800,000 6.13%, 05/15/2055       783,237
   505,000 TotalEnergies Capital International SA
3.13%, 05/29/2050
      333,889
  TotalEnergies Capital SA  
 1,000,000 5.15%, 04/05/2034     1,022,704
 1,200,000 5.49%, 04/05/2054     1,151,925
  TransCanada PipeLines Ltd  
1,000,000 4.10%, 04/15/2030 980,925
475,000 4.88%, 05/15/2048 417,572
1,000,000 Valero Energy Corp(a)
5.15%, 02/15/2030
1,021,806
  Viper Energy Partners LLC  
256,000 4.90%, 08/01/2030 255,831
228,000 5.70%, 08/01/2035 229,781
1,000,000 Western Midstream Operating LP
5.45%, 11/15/2034
990,221
  Williams Cos Inc  
1,000,000 3.75%, 06/15/2027 992,430
675,000 2.60%, 03/15/2031 611,033
1,000,000 4.65%, 08/15/2032 988,067
1,000,000 5.30%, 09/30/2035 999,067
1,000,000 5.30%, 08/15/2052 899,668
    80,432,385
Financial — 7.73%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
1,000,000 6.10%, 01/15/2027 1,010,888
1,500,000 3.88%, 01/23/2028 1,485,024
1,000,000 3.00%, 10/29/2028 962,584
1,000,000 4.38%, 11/15/2030 982,138
800,000 3.85%, 10/29/2041 637,428
2,528,000 Air Lease Corp
1.88%, 08/15/2026
2,502,258
  Alexandria Real Estate Equities Inc REIT  
500,000 1.88%, 02/01/2033 404,747
1,000,000 4.75%, 04/15/2035 945,670
800,000 Allstate Corp
5.05%, 06/24/2029
815,721
2,000,000 Ally Financial Inc
2.20%, 11/02/2028
1,882,427
  American Express Co  
600,000 5.65%, 04/23/2027 600,610
1,000,000 5.04%, 07/26/2028 1,008,607
400,000 5.53%, 04/25/2030 411,861
515,000 5.09%, 01/30/2031 523,711
665,000 5.02%, 04/25/2031(a) 676,073
800,000 5.28%, 07/26/2035 807,430
630,000 5.67%, 04/25/2036 651,118
1,000,000 4.80%, 10/24/2036 966,909
600,000 American International Group Inc
3.40%, 06/30/2030
572,191
Principal Amount   Fair Value
Financial — (continued)
  American Tower Corp REIT  
$ 1,000,000 5.80%, 11/15/2028 $    1,031,260
 1,500,000 3.80%, 08/15/2029     1,464,062
   820,000 5.00%, 01/31/2030       829,558
 1,000,000 5.55%, 07/15/2033     1,027,633
 1,000,000 Ameriprise Financial Inc
5.15%, 05/15/2033
    1,017,439
  Aon Corp / Aon Global Holdings PLC  
175,000 2.05%, 08/23/2031 152,796
1,000,000 5.35%, 02/28/2033 1,024,126
675,000 2.90%, 08/23/2051 409,458
178,000 Aon Global Ltd
4.75%, 05/15/2045
153,515
800,000 Aon North America Inc
5.75%, 03/01/2054
770,823
800,000 Apollo Global Management Inc
5.15%, 08/12/2035
774,804
1,500,000 Ares Capital Corp
5.95%, 07/15/2029
1,507,402
1,500,000 Arthur J Gallagher & Co
5.15%, 02/15/2035
1,487,847
  Athene Global Funding(b)  
1,000,000 1.73%, 10/02/2026 986,243
825,000 2.45%, 08/20/2027 799,256
  Athene Holding Ltd  
1,000,000 5.88%, 01/15/2034(a) 996,001
580,000 6.63%, 05/19/2055 558,735
1,200,000 Australia & New Zealand Banking Group Ltd
3.92%, 09/30/2027
1,197,460
  AvalonBay Communities Inc REIT  
726,000 2.95%, 05/11/2026 724,982
250,000 5.30%, 12/07/2033 256,855
  Banco Santander SA  
2,000,000 4.18%, 03/24/2028 1,991,189
800,000 5.54%, 03/14/2030 819,117
800,000 5.44%, 07/15/2031 822,873
600,000 6.35%, 03/14/2034 630,247
  Bank of America Corp  
3,175,000 1.73%, 07/22/2027 3,148,474
1,500,000 2.55%, 02/04/2028 1,477,134
5,500,000 2.50%, 02/13/2031 5,083,766
2,175,000 2.30%, 07/21/2032 1,919,947
1,500,000 2.57%, 10/20/2032 1,334,579
1,000,000 5.87%, 09/15/2034 1,047,161
1,000,000 5.47%, 01/23/2035 1,020,799
1,600,000 5.74%, 02/12/2036 1,627,633
1,000,000 2.48%, 09/21/2036 865,102
500,000 6.11%, 01/29/2037 524,356
2,000,000 4.08%, 04/23/2040 1,740,573
4,000,000 2.68%, 06/19/2041 2,866,606
2,175,000 2.97%, 07/21/2052 1,374,940
  Bank of Montreal  
1,500,000 5.00%, 01/27/2029 1,513,452
800,000 4.64%, 09/10/2030 801,481
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
  Bank of New York Mellon Corp  
$ 2,000,000 4.54%, 02/01/2029 $    2,009,980
 1,000,000 5.06%, 07/22/2032     1,019,339
 1,000,000 5.19%, 03/14/2035     1,013,913
   500,000 5.32%, 06/06/2036       506,984
  Bank of Nova Scotia  
 2,000,000 4.93%, 02/14/2029     2,016,791
1,000,000 5.13%, 02/14/2031 1,016,560
  Barclays PLC  
800,000 4.84%, 09/10/2028 803,078
2,000,000 4.48%, 11/11/2029 1,989,029
1,500,000 5.69%, 03/12/2030 1,541,338
725,000 5.37%, 02/25/2031 737,591
1,000,000 2.89%, 11/24/2032 893,472
1,000,000 5.79%, 02/25/2036 1,011,129
600,000 6.04%, 03/12/2055(a) 615,085
  Berkshire Hathaway Finance Corp  
175,000 1.45%, 10/15/2030(a) 155,423
800,000 4.20%, 08/15/2048 652,055
975,000 4.25%, 01/15/2049 800,171
1,000,000 2.85%, 10/15/2050 627,716
157,000 Berkshire Hathaway Inc(a)
4.50%, 02/11/2043
142,569
  BlackRock Funding Inc  
1,000,000 5.00%, 03/14/2034 1,014,419
475,000 5.25%, 03/14/2054 441,842
1,000,000 Blackrock Inc
3.25%, 04/30/2029
973,185
800,000 Blackstone Private Credit Fund
5.60%, 11/22/2029
778,180
1,000,000 Blackstone Reg Finance Co LLC
5.00%, 12/06/2034
978,922
1,000,000 Boston Properties LP REIT
6.75%, 12/01/2027
1,033,581
1,000,000 BPCE SA(b)
4.75%, 07/19/2027
1,004,892
1,200,000 Brookfield Finance Inc
5.33%, 01/15/2036
1,174,947
  Brown & Brown Inc  
325,000 4.90%, 06/23/2030 324,559
445,000 5.55%, 06/23/2035 444,409
160,000 6.25%, 06/23/2055 159,548
1,000,000 Camden Property Trust REIT
2.80%, 05/15/2030
933,796
  Canadian Imperial Bank of Commerce  
1,000,000 4.86%, 03/30/2029 1,008,000
800,000 4.63%, 09/11/2030 800,887
  Capital One Financial Corp  
1,000,000 1.88%, 11/02/2027 983,476
1,000,000 6.31%, 06/08/2029 1,034,014
1,000,000 5.70%, 02/01/2030 1,025,916
800,000 5.88%, 07/26/2035 819,399
1,000,000 5.20%, 09/11/2036 969,429
  Charles Schwab Corp  
1,500,000 2.90%, 03/03/2032 1,357,999
Principal Amount   Fair Value
Financial — (continued)
$ 1,000,000 6.14%, 08/24/2034 $    1,064,387
 1,000,000 Chubb INA Holdings Inc
2.85%, 12/15/2051
      621,370
 1,000,000 Chubb INA Holdings LLC
5.00%, 03/15/2034
    1,005,555
  Citigroup Inc  
 1,000,000 4.45%, 09/29/2027     1,000,028
 1,000,000 4.64%, 05/07/2028     1,001,654
 3,000,000 3.52%, 10/27/2028     2,955,360
1,000,000 4.79%, 03/04/2029 1,005,042
1,400,000 4.54%, 09/19/2030 1,395,142
1,780,000 4.50%, 09/11/2031 1,759,769
1,840,000 3.06%, 01/25/2033 1,663,980
1,000,000 6.02%, 01/24/2036 1,020,929
1,000,000 5.17%, 09/11/2036 991,292
1,400,000 5.41%, 09/19/2039 1,367,601
4,273,000 2.90%, 11/03/2042 3,050,641
2,000,000 Citizens Bank NA
4.58%, 08/09/2028
2,001,013
1,000,000 CME Group Inc
4.40%, 03/15/2030
1,003,024
390,000 Cooperatieve Rabobank UA
5.25%, 08/04/2045
356,487
1,500,000 Corebridge Financial Inc
3.90%, 04/05/2032
1,406,694
  Crown Castle Inc REIT  
1,000,000 4.80%, 09/01/2028 1,004,843
1,000,000 4.90%, 09/01/2029 1,005,554
1,000,000 5.20%, 09/01/2034 988,675
1,000,000 CubeSmart LP REIT
2.25%, 12/15/2028
943,882
  Deutsche Bank AG  
1,500,000 5.00%, 09/11/2030 1,507,065
1,500,000 5.30%, 05/09/2031 1,515,481
500,000 3.74%, 01/07/2033 455,710
1,000,000 EPR Properties REIT
3.60%, 11/15/2031
907,628
1,500,000 Equinix Europe 2 Financing Corp LLC REIT
4.70%, 03/15/2033
1,458,919
1,000,000 Equitable Holdings Inc
5.59%, 01/11/2033
1,019,986
500,000 ERP Operating LP REIT
4.65%, 09/15/2034
487,303
1,000,000 Essex Portfolio LP REIT
1.65%, 01/15/2031
867,108
1,000,000 Everest Reinsurance Holdings Inc
3.13%, 10/15/2052
603,102
  Extra Space Storage LP REIT  
1,000,000 2.40%, 10/15/2031 874,703
1,000,000 2.35%, 03/15/2032 858,044
  Fairfax Financial Holdings Ltd  
600,000 5.75%, 05/20/2035 614,917
296,000 6.10%, 03/15/2055 289,315
1,000,000 Fidelity National Financial Inc
2.45%, 03/15/2031
881,971
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
  Fifth Third Bancorp  
$   500,000 1.71%, 11/01/2027 $      492,145
 1,000,000 4.06%, 04/25/2028       994,405
 1,000,000 4.90%, 09/06/2030     1,003,334
  Goldman Sachs Group Inc  
 2,500,000 4.48%, 08/23/2028     2,499,953
 3,000,000 5.73%, 04/25/2030     3,095,072
600,000 4.69%, 10/23/2030 600,470
500,000 4.37%, 10/21/2031 490,263
2,000,000 2.38%, 07/21/2032 1,765,547
2,700,000 5.33%, 07/23/2035 2,709,144
4,000,000 4.94%, 10/21/2036 3,873,663
1,000,000 6.75%, 10/01/2037 1,078,676
2,000,000 3.21%, 04/22/2042 1,482,960
386,000 2.91%, 07/21/2042 271,883
374,000 3.44%, 02/24/2043 281,426
700,000 5.15%, 05/22/2045 626,009
175,000 Golub Capital BDC Inc
2.50%, 08/24/2026
172,739
353,000 Hartford Insurance Group Inc
3.60%, 08/19/2049
253,546
1,000,000 Healthcare Realty Holdings LP REIT
3.75%, 07/01/2027
990,357
  HSBC Holdings PLC  
175,000 1.59%, 05/24/2027 174,119
2,400,000 2.25%, 11/22/2027 2,366,686
1,200,000 5.29%, 11/19/2030 1,221,781
3,000,000 5.24%, 05/13/2031 3,042,255
1,400,000 2.87%, 11/22/2032 1,252,663
1,200,000 4.76%, 03/29/2033 1,169,964
2,000,000 6.50%, 05/02/2036 2,100,434
2,500,000 5.79%, 05/13/2036 2,569,852
235,000 5.25%, 03/14/2044(a) 219,806
1,000,000 Huntington Bancshares Inc
2.49%, 08/15/2036
857,297
1,500,000 Huntington National Bank
4.87%, 04/12/2028
1,505,070
  ING Groep NV  
1,000,000 6.08%, 09/11/2027 1,006,218
800,000 5.34%, 03/19/2030 816,957
800,000 5.55%, 03/19/2035 812,556
  Intercontinental Exchange Inc  
2,200,000 4.60%, 03/15/2033 2,174,319
1,000,000 3.00%, 06/15/2050 636,261
  JPMorgan Chase & Co  
1,175,000 1.58%, 04/22/2027 1,173,107
2,000,000 3.63%, 12/01/2027 1,977,584
2,000,000 4.98%, 07/22/2028 2,013,443
1,000,000 5.30%, 07/24/2029 1,018,663
4,000,000 4.57%, 06/14/2030 4,003,761
1,175,000 2.74%, 10/15/2030 1,106,628
1,000,000 2.96%, 05/13/2031 931,774
1,715,000 4.26%, 10/22/2031 1,688,212
1,425,000 1.95%, 02/04/2032 1,254,709
1,500,000 5.72%, 09/14/2033 1,553,054
1,000,000 5.34%, 01/23/2035 1,015,348
1,770,000 4.95%, 10/22/2035 1,750,586
Principal Amount   Fair Value
Financial — (continued)
$ 1,540,000 5.50%, 01/24/2036 $    1,576,250
   725,000 5.57%, 04/22/2036       747,101
 1,000,000 5.58%, 07/23/2036     1,012,706
   600,000 4.81%, 10/22/2036       582,579
 3,000,000 3.88%, 07/24/2038     2,631,309
   500,000 5.50%, 10/15/2040       509,493
 1,000,000 3.96%, 11/15/2048       775,823
1,364,000 3.90%, 01/23/2049 1,047,411
902,000 3.11%, 04/22/2051 588,855
1,000,000 KeyBank NA
4.39%, 12/14/2027
1,000,765
1,000,000 KeyCorp
4.79%, 06/01/2033
977,207
1,000,000 Kilroy Realty LP REIT
2.65%, 11/15/2033
794,291
  Kimco Realty OP LLC REIT  
1,000,000 2.25%, 12/01/2031 880,607
250,000 4.60%, 02/01/2033 245,591
  Kreditanstalt fuer Wiederaufbau  
1,000,000 3.75%, 02/15/2028 999,453
800,000 3.88%, 06/15/2028 801,157
1,500,000 3.50%, 08/09/2028 1,489,800
2,000,000 0.75%, 09/30/2030 1,739,904
1,000,000 4.13%, 07/15/2033 996,998
1,000,000 Landwirtschaftliche Rentenbank
3.88%, 09/28/2027
1,000,140
1,000,000 Lincoln National Corp
3.40%, 03/01/2032
906,687
  Lloyds Banking Group PLC  
1,500,000 3.75%, 01/11/2027 1,493,788
555,000 5.09%, 11/26/2028 560,061
730,000 4.82%, 06/13/2029 734,338
1,000,000 5.72%, 06/05/2030 1,032,656
1,000,000 4.94%, 11/04/2036 965,195
593,000 3.37%, 12/14/2046 427,833
  LPL Holdings Inc  
805,000 5.20%, 03/15/2030 810,899
600,000 5.15%, 06/15/2030 602,610
175,000 LXP Industrial Trust REIT
2.38%, 10/01/2031
151,888
1,200,000 M&T Bank Corp
5.18%, 07/08/2031
1,212,575
  Marsh & McLennan Cos Inc  
1,600,000 5.00%, 03/15/2035 1,593,268
1,000,000 4.90%, 03/15/2049 882,316
  Mastercard Inc  
1,000,000 4.95%, 03/15/2032 1,024,992
500,000 4.88%, 05/09/2034 502,852
332,000 3.65%, 06/01/2049 244,343
600,000 3.85%, 03/26/2050 456,396
  MetLife Inc  
600,000 5.30%, 12/15/2034(a) 613,891
290,000 4.13%, 08/13/2042 238,514
1,000,000 5.25%, 01/15/2054 919,189
500,000 6.35%, 03/15/2055 507,376
750,000 Mid-America Apartments LP REIT
2.88%, 09/15/2051
462,143
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
  Mitsubishi UFJ Financial Group Inc  
$ 3,740,000 5.16%, 04/24/2031 $    3,793,223
 1,000,000 2.85%, 01/19/2033       894,596
 1,000,000 5.19%, 09/12/2036       992,781
  Mizuho Financial Group Inc  
 1,000,000 5.78%, 07/06/2029     1,027,575
   840,000 5.10%, 05/13/2031       851,021
1,000,000 1.98%, 09/08/2031 887,517
1,000,000 2.56%, 09/13/2031 880,842
1,500,000 5.32%, 07/08/2036 1,506,639
  Morgan Stanley  
500,000 4.35%, 09/08/2026 500,054
2,000,000 5.12%, 02/01/2029 2,021,873
8,000,000 5.45%, 07/20/2029 8,142,631
1,175,000 2.24%, 07/21/2032 1,028,687
1,000,000 2.51%, 10/20/2032 882,942
1,000,000 2.94%, 01/21/2033 899,138
500,000 4.89%, 07/20/2033 496,808
2,000,000 6.34%, 10/18/2033 2,139,948
585,000 5.83%, 04/19/2035 607,340
1,365,000 5.32%, 07/19/2035 1,369,734
1,500,000 5.66%, 04/17/2036 1,536,394
2,000,000 2.48%, 09/16/2036 1,720,776
1,000,000 5.95%, 01/19/2038 1,024,411
1,800,000 3.97%, 07/22/2038(c)
3-mo. SOFR + 1.13% 		1,570,435
1,120,000 4.38%, 01/22/2047 918,779
1,502,000 2.80%, 01/25/2052 916,893
1,000,000 Morgan Stanley Bank NA
5.50%, 05/26/2028
1,011,373
  Morgan Stanley Private Bank NA  
1,000,000 4.47%, 07/06/2028 999,963
1,000,000 4.73%, 07/18/2031 996,903
622,000 Nasdaq Inc
3.95%, 03/07/2052
457,918
  National Australia Bank Ltd  
1,000,000 4.90%, 06/13/2028 1,015,293
1,000,000 4.53%, 06/13/2030 1,006,667
  NatWest Group PLC  
1,000,000 5.52%, 09/30/2028 1,014,656
1,600,000 5.12%, 05/23/2031 1,615,945
  Nomura Holdings Inc  
1,000,000 2.61%, 07/14/2031 891,847
1,000,000 5.78%, 07/03/2034 1,027,155
1,000,000 Northern Trust Corp
6.13%, 11/02/2032
1,066,325
  Oesterreichische Kontrollbank AG  
1,000,000 3.63%, 09/09/2027 996,737
1,000,000 4.13%, 01/18/2029 1,006,283
  PNC Financial Services Group Inc  
1,000,000 5.35%, 12/02/2028 1,015,579
1,000,000 5.49%, 05/14/2030 1,028,425
1,000,000 4.81%, 10/21/2032 996,674
1,400,000 5.40%, 07/23/2035 1,417,773
1,000,000 5.58%, 01/29/2036 1,020,905
Principal Amount   Fair Value
Financial — (continued)
$   460,000 5.37%, 07/21/2036 $      462,008
   500,000 Principal Financial Group Inc
5.38%, 03/15/2033
      510,493
 2,000,000 Principal Life Global Funding II(b)
1.50%, 11/17/2026
    1,966,349
 1,000,000 Private Export Funding Corp
3.90%, 10/15/2027
    1,000,227
 1,000,000 Progressive Corp
4.95%, 06/15/2033
    1,013,516
  Prologis LP REIT  
 1,000,000 4.88%, 06/15/2028     1,011,786
500,000 4.63%, 01/15/2033 494,690
800,000 5.25%, 03/15/2054 746,046
  Prudential Financial Inc  
2,000,000 3.00%, 03/10/2040 1,507,215
1,500,000 3.70%, 10/01/2050 1,362,653
1,000,000 6.50%, 03/15/2054 1,024,348
500,000 Public Storage Operating Co REIT(a)
5.13%, 01/15/2029
511,873
500,000 Raymond James Financial Inc
3.75%, 04/01/2051
356,921
  Realty Income Corp REIT  
1,000,000 3.95%, 08/15/2027 995,077
500,000 3.65%, 01/15/2028 494,123
1,000,000 1.80%, 03/15/2033 824,696
  Royal Bank of Canada  
2,000,000 4.72%, 03/27/2028(a) 2,007,123
1,000,000 4.00%, 11/03/2028 992,844
1,000,000 4.97%, 05/02/2031(a) 1,010,712
1,200,000 4.70%, 08/06/2031 1,197,330
1,000,000 5.15%, 02/01/2034 1,022,482
  Santander UK Group Holdings PLC  
500,000 1.67%, 06/14/2027 496,927
1,000,000 4.86%, 09/11/2030 1,002,175
  Simon Property Group LP REIT  
500,000 1.75%, 02/01/2028 478,298
1,500,000 4.38%, 10/01/2030 1,491,492
2,000,000 5.50%, 03/08/2033 2,071,539
600,000 4.75%, 09/26/2034 587,124
175,000 3.25%, 09/13/2049 117,265
  State Street Corp  
1,000,000 4.83%, 04/24/2030 1,015,733
1,300,000 2.20%, 03/03/2031 1,163,119
1,000,000 4.68%, 10/22/2032 999,012
  Sumitomo Mitsui Financial Group Inc  
2,000,000 5.52%, 01/13/2028 2,040,154
1,000,000 5.72%, 09/14/2028 1,028,099
1,000,000 5.77%, 01/13/2033 1,040,714
800,000 4.95%, 07/08/2033 796,949
1,000,000 5.56%, 07/09/2034 1,024,779
791,000 2.93%, 09/17/2041 561,524
1,000,000 Sun Communities Operating LP REIT
2.30%, 11/01/2028
946,349
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$ 1,000,000 Synchrony Bank
5.63%, 08/23/2027
$    1,011,021
   500,000 Synchrony Financial
2.88%, 10/28/2031
      436,206
 1,000,000 Tanger Properties LP REIT
2.75%, 09/01/2031
      893,044
  Toronto-Dominion Bank  
   600,000 4.99%, 04/05/2029       609,667
 2,000,000 4.81%, 06/03/2030     2,016,539
 1,000,000 4.41%, 01/13/2031       990,380
  Travelers Cos Inc  
600,000 5.05%, 07/24/2035 600,962
500,000 5.45%, 05/25/2053 478,214
1,362,000 Truist Bank
4.42%, 07/24/2028
1,361,929
  Truist Financial Corp  
1,200,000 5.07%, 05/20/2031 1,213,082
500,000 4.92%, 07/28/2033 490,304
1,000,000 5.71%, 01/24/2035 1,031,543
1,000,000 UBS Group AG(b)
5.58%, 05/09/2036
1,014,238
1,000,000 Unum Group
4.13%, 06/15/2051
736,078
  US Bancorp  
1,000,000 3.10%, 04/27/2026 999,221
2,000,000 2.22%, 01/27/2028 1,965,112
1,200,000 5.10%, 07/23/2030 1,221,160
1,000,000 5.68%, 01/23/2035 1,032,859
1,000,000 5.42%, 02/12/2036 1,021,850
  Ventas Realty LP REIT  
500,000 3.25%, 10/15/2026 497,245
800,000 5.00%, 01/15/2035 784,986
  VICI Properties LP REIT  
1,025,000 5.13%, 11/15/2031 1,017,547
800,000 5.75%, 04/01/2034 807,355
  Visa Inc  
1,500,000 4.15%, 12/14/2035 1,429,044
431,000 3.65%, 09/15/2047 328,344
  Wells Fargo & Co  
750,000 4.30%, 07/22/2027 749,039
5,500,000 2.88%, 10/30/2030 5,189,133
713,000 3.35%, 03/02/2033 654,666
3,000,000 4.90%, 07/25/2033 2,984,658
2,000,000 5.39%, 04/24/2034 2,029,952
1,000,000 5.50%, 01/23/2035 1,017,949
1,000,000 4.89%, 09/15/2036 972,906
691,000 3.90%, 05/01/2045 539,377
2,000,000 4.40%, 06/14/2046 1,592,287
1,200,000 5.01%, 04/04/2051 1,057,192
1,000,000 Welltower OP LLC REIT
5.13%, 07/01/2035
1,003,727
  Westpac Banking Corp  
1,000,000 4.60%, 10/20/2026 1,003,540
1,000,000 5.05%, 04/16/2029 1,022,624
1,000,000 5.41%, 08/10/2033 1,013,016
1,000,000 Weyerhaeuser Co REIT
3.38%, 03/09/2033
900,341
500,000 Willis North America Inc
5.90%, 03/05/2054
485,328
Principal Amount   Fair Value
Financial — (continued)
$ 1,000,000 WP Carey Inc REIT
2.45%, 02/01/2032
$      870,781
    381,876,493
Industrial — 1.70%
  3M Co  
   600,000 2.38%, 08/26/2029       562,592
 1,000,000 3.63%, 10/15/2047       723,249
  Amphenol Corp  
735,000 4.40%, 02/15/2033 717,344
800,000 5.00%, 01/15/2035 798,983
326,000 5.38%, 11/15/2054 311,720
500,000 Berry Global Inc
5.65%, 01/15/2034
511,362
  Boeing Co  
600,000 6.26%, 05/01/2027 610,359
1,596,000 2.95%, 02/01/2030 1,501,955
1,000,000 5.71%, 05/01/2040 1,001,572
1,500,000 3.63%, 03/01/2048 1,045,223
1,500,000 3.75%, 02/01/2050 1,064,044
608,000 6.86%, 05/01/2054 669,150
175,000 5.93%, 05/01/2060 167,980
  Burlington Northern Santa Fe LLC  
1,000,000 4.40%, 03/15/2042 878,061
500,000 5.15%, 09/01/2043 473,334
1,000,000 4.45%, 01/15/2053 822,955
500,000 5.80%, 03/15/2056 504,430
319,000 Canadian National Railway Co
3.20%, 08/02/2046
225,151
  Canadian Pacific Railway Co  
2,000,000 3.00%, 12/02/2041 1,469,841
360,000 3.50%, 05/01/2050 254,295
  Carlisle Cos Inc  
170,000 5.25%, 09/15/2035 169,990
290,000 5.55%, 09/15/2040 287,428
2,500,000 Carrier Global Corp
3.38%, 04/05/2040
1,969,262
  Caterpillar Financial Services Corp  
2,000,000 5.00%, 05/14/2027 2,019,407
1,000,000 4.70%, 11/15/2029 1,013,749
  Caterpillar Inc  
1,080,000 5.20%, 05/15/2035(a) 1,106,379
419,000 3.25%, 09/19/2049 290,070
343,000 3.25%, 04/09/2050 238,626
1,500,000 CRH America Finance Inc
5.00%, 02/09/2036
1,472,578
  CSX Corp  
1,000,000 5.20%, 11/15/2033 1,025,205
250,000 4.75%, 05/30/2042 228,346
453,000 3.35%, 09/15/2049 313,266
1,000,000 4.50%, 11/15/2052 832,057
327,000 Deere & Co
2.88%, 09/07/2049
214,056
  Eaton Corp  
500,000 4.15%, 03/15/2033 486,085
500,000 4.70%, 08/23/2052 437,698
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Industrial — (continued)
$ 1,000,000 Emerson Electric Co
5.00%, 03/15/2035
$    1,006,547
  FedEx Corp  
 1,000,000 3.25%, 05/15/2041       752,851
 1,000,000 4.10%, 02/01/2045       785,913
   175,000 5.25%, 05/15/2050       160,375
   600,000 Fortune Brands Innovations Inc(a)
5.88%, 06/01/2033
      621,381
  GATX Corp  
1,000,000 4.90%, 03/15/2033 982,229
1,000,000 5.50%, 06/15/2035 1,008,246
2,000,000 General Dynamics Corp
4.25%, 04/01/2040
1,795,899
360,000 General Electric Co
4.30%, 07/29/2030
359,137
150,000 Howmet Aerospace Inc
4.85%, 10/15/2031
151,714
282,000 Illinois Tool Works Inc
3.90%, 09/01/2042
235,395
600,000 Ingersoll Rand Inc
5.31%, 06/15/2031
615,714
1,000,000 Jabil Inc
4.25%, 05/15/2027
997,431
1,000,000 Jacobs Engineering Group Inc
6.35%, 08/18/2028
1,037,758
  John Deere Capital Corp  
500,000 1.70%, 01/11/2027 490,739
1,500,000 4.55%, 06/05/2030 1,510,125
1,200,000 4.90%, 03/07/2031 1,224,990
681,000 3.90%, 06/07/2032 659,480
1,000,000 Johnson Controls International PLC / Tyco Fire & Security Finance SCA
5.50%, 04/19/2029
1,033,074
  L3Harris Technologies Inc  
800,000 5.05%, 06/01/2029 813,907
600,000 5.40%, 07/31/2033 615,596
600,000 5.35%, 06/01/2034 609,864
1,000,000 Lennox International Inc
5.50%, 09/15/2028
1,018,652
  Lockheed Martin Corp  
1,000,000 4.40%, 08/15/2030 1,000,786
1,000,000 4.70%, 12/15/2031 1,013,087
500,000 4.09%, 09/15/2052 390,243
1,000,000 5.70%, 11/15/2054 998,411
1,175,000 Martin Marietta Materials Inc
3.20%, 07/15/2051
761,850
1,000,000 Mohawk Industries Inc
5.85%, 09/18/2028
1,028,813
  Norfolk Southern Corp  
1,000,000 4.45%, 03/01/2033 980,204
600,000 5.10%, 05/01/2035 601,750
1,000,000 3.05%, 05/15/2050 641,644
500,000 5.35%, 08/01/2054 466,168
  Northrop Grumman Corp  
1,000,000 3.25%, 01/15/2028 982,131
1,000,000 4.70%, 03/15/2033 998,907
Principal Amount   Fair Value
Industrial — (continued)
$   800,000 5.25%, 05/01/2050 $      741,954
 1,000,000 Otis Worldwide Corp(a)
2.29%, 04/05/2027
      980,888
 1,200,000 Owens Corning
5.70%, 06/15/2034
    1,240,487
 1,000,000 Packaging Corp of America
3.05%, 10/01/2051
      626,872
 1,000,000 Parker-Hannifin Corp
4.20%, 11/21/2034
      956,966
  Republic Services Inc  
 1,000,000 2.38%, 03/15/2033       863,110
1,000,000 5.00%, 12/15/2033 1,015,830
1,175,000 Rockwell Automation Inc
1.75%, 08/15/2031
1,022,267
  RTX Corp  
800,000 3.13%, 05/04/2027 789,658
175,000 1.90%, 09/01/2031 152,296
1,000,000 5.15%, 02/27/2033 1,019,851
900,000 4.35%, 04/15/2047 745,196
3,175,000 2.82%, 09/01/2051 1,941,799
1,000,000 Ryder System Inc
1.75%, 09/01/2026
988,677
600,000 Sonoco Products Co
4.60%, 09/01/2029
598,263
1,000,000 Trane Technologies Financing Ltd
5.25%, 03/03/2033
1,025,485
  Union Pacific Corp  
500,000 3.60%, 09/15/2037 437,383
3,000,000 3.55%, 08/15/2039 2,518,008
500,000 3.38%, 02/14/2042 387,087
1,000,000 2.95%, 03/10/2052 623,729
500,000 4.95%, 09/09/2052 448,504
  United Parcel Service Inc  
500,000 2.40%, 11/15/2026 494,876
1,000,000 5.25%, 05/14/2035(a) 1,021,954
1,200,000 5.50%, 05/22/2054 1,144,826
  Vulcan Materials Co  
500,000 3.90%, 04/01/2027 498,358
800,000 4.95%, 12/01/2029 812,157
  Waste Connections Inc  
1,000,000 2.20%, 01/15/2032 878,555
800,000 5.25%, 09/01/2035 816,246
  Waste Management Inc  
800,000 4.80%, 03/15/2032 813,310
1,600,000 4.95%, 03/15/2035 1,603,952
1,000,000 Westinghouse Air Brake Technologies Corp
4.90%, 05/29/2030
1,010,478
1,250,000 WRKCo Inc(a)
3.90%, 06/01/2028
1,234,801
    84,222,636
Technology — 1.91%
1,000,000 Accenture Capital Inc
4.25%, 10/04/2031
988,220
1,500,000 Adobe Inc
2.30%, 02/01/2030
1,386,680
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
  Analog Devices Inc  
$ 1,000,000 4.50%, 06/15/2030 $    1,003,154
 1,000,000 5.05%, 04/01/2034     1,020,165
  Apple Inc  
 1,000,000 1.20%, 02/08/2028       952,318
   952,000 1.40%, 08/05/2028       899,309
 1,175,000 1.70%, 08/05/2031     1,035,716
600,000 4.75%, 05/12/2035 609,670
1,500,000 3.85%, 05/04/2043 1,240,069
1,723,000 2.95%, 09/11/2049 1,128,512
1,500,000 2.65%, 05/11/2050 917,809
1,000,000 2.40%, 08/20/2050 577,040
2,175,000 2.70%, 08/05/2051 1,332,061
600,000 3.95%, 08/08/2052 465,648
  Applied Materials Inc  
1,000,000 4.80%, 06/15/2029 1,017,829
500,000 4.60%, 01/15/2036 485,694
1,000,000 Autodesk Inc
2.40%, 12/15/2031
877,416
  Broadcom Inc  
238,000 5.05%, 07/12/2027 240,441
800,000 4.35%, 02/15/2030 797,163
1,425,000 4.15%, 11/15/2030 1,402,759
2,900,000 3.42%, 04/15/2033 2,651,829
3,073,000 4.93%, 05/15/2037(b) 2,980,573
500,000 3.50%, 02/15/2041 398,905
800,000 Cadence Design Systems Inc
4.30%, 09/10/2029
797,470
1,000,000 CDW LLC / CDW Finance Corp
2.67%, 12/01/2026
988,337
  Dell International LLC / EMC Corp  
1,200,000 5.25%, 02/01/2028 1,215,960
800,000 5.00%, 04/01/2030 809,625
800,000 4.75%, 10/06/2032 788,633
76,000 8.10%, 07/15/2036 90,339
1,000,000 3.38%, 12/15/2041 745,563
15,000 8.35%, 07/15/2046 18,567
3,000,000 Fidelity National Information Services Inc
4.80%, 03/10/2031
2,976,454
  Fiserv Inc  
175,000 2.25%, 06/01/2027 170,311
1,000,000 4.20%, 10/01/2028 988,464
500,000 5.15%, 08/12/2034 485,648
1,000,000 5.25%, 08/11/2035 972,514
  Hewlett Packard Enterprise Co  
800,000 4.55%, 10/15/2029 796,025
1,000,000 5.25%, 04/01/2033 994,066
370,000 5.00%, 10/15/2034 358,155
227,000 6.35%, 10/15/2045 226,634
500,000 5.60%, 10/15/2054 446,332
2,291,000 HP Inc
2.65%, 06/17/2031
2,037,511
  IBM International Capital Pte Ltd  
1,000,000 4.90%, 02/05/2034 986,672
Principal Amount   Fair Value
Technology — (continued)
$ 1,000,000 5.25%, 02/05/2044 $      919,620
  Intel Corp  
 1,175,000 1.60%, 08/12/2028     1,100,997
   175,000 2.00%, 08/12/2031       151,422
 1,000,000 4.00%, 12/15/2032       941,868
 1,000,000 5.20%, 02/10/2033     1,007,832
 1,175,000 2.80%, 08/12/2041       807,070
1,000,000 5.63%, 02/10/2043 946,838
175,000 3.05%, 08/12/2051 106,222
1,000,000 5.70%, 02/10/2053 920,765
600,000 5.05%, 08/05/2062 485,031
  International Business Machines Corp  
2,000,000 4.15%, 07/27/2027 1,996,216
1,000,000 5.00%, 02/10/2032 1,009,966
1,000,000 4.00%, 06/20/2042 811,427
1,000,000 Intuit Inc
5.13%, 09/15/2028
1,019,280
500,000 KLA Corp(a)
4.95%, 07/15/2052
447,544
1,000,000 Leidos Inc
2.30%, 02/15/2031
889,915
255,000 Marvell Technology Inc
4.75%, 07/15/2030
255,867
  Micron Technology Inc  
1,200,000 2.70%, 04/15/2032 1,082,583
1,000,000 6.05%, 11/01/2035 1,079,043
  Microsoft Corp  
2,100,000 3.45%, 08/08/2036 1,892,956
323,000 3.50%, 11/15/2042 261,003
1,000,000 2.53%, 06/01/2050 599,605
2,547,000 2.92%, 03/17/2052 1,638,048
  NVIDIA Corp  
1,675,000 1.55%, 06/15/2028 1,591,248
500,000 3.50%, 04/01/2050 368,752
1,000,000 NXP BV / NXP Funding LLC / NXP USA Inc
2.65%, 02/15/2032
882,049
  Oracle Corp  
1,000,000 4.80%, 08/03/2028 1,000,425
1,600,000 2.95%, 04/01/2030 1,460,539
585,000 4.45%, 09/26/2030 563,754
500,000 6.25%, 11/09/2032 513,057
1,000,000 5.50%, 08/03/2035 954,595
350,000 5.20%, 09/26/2035 328,298
3,500,000 5.70%, 02/04/2036 3,365,209
1,900,000 3.85%, 07/15/2036 1,574,339
3,000,000 3.65%, 03/25/2041 2,134,992
1,470,000 4.00%, 07/15/2046 989,941
1,385,000 3.60%, 04/01/2050 836,164
1,175,000 3.95%, 03/25/2051 744,545
500,000 5.38%, 09/27/2054 386,762
1,000,000 5.95%, 09/26/2055 841,271
1,000,000 3.85%, 04/01/2060 588,474
  QUALCOMM Inc  
1,000,000 1.30%, 05/20/2028 943,866
800,000 4.75%, 05/20/2032 804,345
500,000 3.25%, 05/20/2050 334,560
600,000 4.50%, 05/20/2052 491,543
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
  Roper Technologies Inc  
$   800,000 4.50%, 10/15/2029 $      795,361
   500,000 5.10%, 09/15/2035       486,189
 4,175,000 Salesforce Inc
2.70%, 07/15/2041
    2,843,355
  Synopsys Inc  
   880,000 4.85%, 04/01/2030       886,472
   625,000 5.15%, 04/01/2035       626,195
1,000,000 Take-Two Interactive Software Inc
4.95%, 03/28/2028
1,009,144
  Texas Instruments Inc  
1,000,000 1.75%, 05/04/2030 902,969
500,000 4.85%, 02/08/2034 504,531
1,000,000 5.15%, 02/08/2054 926,508
343,000 TSMC Arizona Corp
3.25%, 10/25/2051
258,250
  VMware LLC  
175,000 1.40%, 08/15/2026 173,159
1,000,000 2.20%, 08/15/2031 877,717
1,000,000 Workday Inc
3.80%, 04/01/2032
928,265
    94,590,221
Utilities — 2.34%
1,000,000 AEP Texas Inc
2.10%, 07/01/2030
905,046
1,175,000 AEP Transmission Co LLC
2.75%, 08/15/2051
705,165
  Alabama Power Co  
800,000 3.75%, 09/01/2027 794,847
1,300,000 3.70%, 12/01/2047 958,488
1,000,000 Ameren Illinois Co(a)
4.95%, 06/01/2033
1,004,929
  American Electric Power Co Inc  
1,000,000 5.63%, 03/01/2033 1,033,323
500,000 5.80%, 03/15/2056 493,908
  American Water Capital Corp  
800,000 5.25%, 03/01/2035 812,865
1,000,000 3.75%, 09/01/2047 744,037
800,000 5.70%, 09/01/2055 782,709
  Appalachian Power Co  
1,140,000 7.00%, 04/01/2038 1,268,355
1,000,000 3.70%, 05/01/2050 709,963
1,000,000 Arizona Public Service Co
5.70%, 08/15/2034
1,034,941
  Atmos Energy Corp  
175,000 5.50%, 06/15/2041 175,008
1,200,000 3.38%, 09/15/2049 823,159
410,000 2.85%, 02/15/2052 252,135
175,000 Avangrid Inc
3.80%, 06/01/2029
170,803
  Baltimore Gas & Electric Co  
236,000 3.50%, 08/15/2046 170,355
412,000 2.90%, 06/15/2050 258,914
  Berkshire Hathaway Energy Co  
500,000 3.70%, 07/15/2030 485,893
Principal Amount   Fair Value
Utilities — (continued)
$   175,000 5.95%, 05/15/2037 $      183,977
   175,000 5.15%, 11/15/2043       163,034
 2,735,000 2.85%, 05/15/2051     1,646,682
   500,000 Boston Gas Co(b)
3.15%, 08/01/2027
      491,957
  CenterPoint Energy Houston Electric LLC  
 1,000,000 2.35%, 04/01/2031       901,948
   313,000 3.55%, 08/01/2042       243,495
347,000 3.35%, 04/01/2051 236,943
558,000 CenterPoint Energy Inc
5.40%, 06/01/2029
571,732
1,000,000 CenterPoint Energy Resources Corp
4.40%, 07/01/2032
981,433
1,000,000 CMS Energy Corp
4.88%, 03/01/2044
878,010
  Commonwealth Edison Co  
1,000,000 5.30%, 06/01/2034 1,028,722
600,000 5.65%, 06/01/2054 584,722
1,000,000 Connecticut Light & Power Co
5.25%, 01/15/2053
926,466
  Consolidated Edison Co of New York Inc  
1,500,000 5.50%, 03/15/2034 1,555,877
1,500,000 5.50%, 12/01/2039 1,501,639
1,200,000 5.70%, 05/15/2054 1,175,663
1,000,000 Constellation Energy Generation LLC
5.75%, 03/15/2054
970,085
  Consumers Energy Co  
1,000,000 3.60%, 08/15/2032 940,388
391,000 3.25%, 08/15/2046 276,912
520,000 2.50%, 05/01/2060 280,227
  Dominion Energy Inc  
800,000 3.38%, 04/01/2030 763,832
1,175,000 2.25%, 08/15/2031 1,036,309
175,000 4.70%, 12/01/2044 148,789
1,100,000 6.00%, 02/15/2056 1,092,990
565,000 6.20%, 02/15/2056 560,030
1,000,000 Dominion Energy South Carolina Inc
2.30%, 12/01/2031
883,505
  DTE Electric Co  
1,000,000 5.20%, 04/01/2033 1,023,777
1,000,000 3.75%, 08/15/2047 751,493
  DTE Energy Co  
1,000,000 5.20%, 04/01/2030 1,019,865
1,000,000 5.05%, 10/01/2035 985,402
  Duke Energy Carolinas LLC  
1,000,000 2.45%, 02/01/2030 930,168
800,000 5.25%, 03/15/2035 812,542
476,000 3.75%, 06/01/2045 364,996
522,000 3.45%, 04/15/2051 359,997
  Duke Energy Corp  
824,000 2.55%, 06/15/2031 740,846
2,000,000 3.30%, 06/15/2041 1,502,821
175,000 3.50%, 06/15/2051 117,231
600,000 5.80%, 06/15/2054 574,474
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Utilities — (continued)
  Duke Energy Florida LLC  
$   233,000 3.40%, 10/01/2046 $      165,483
   371,000 3.00%, 12/15/2051       233,300
   119,000 Duke Energy Florida Project Finance LLC
2.86%, 03/01/2033
      108,932
   241,000 Duke Energy Indiana LLC
3.25%, 10/01/2049
      162,511
 1,000,000 Duke Energy Ohio Inc
5.25%, 04/01/2033
    1,021,804
  Duke Energy Progress LLC  
657,000 2.00%, 08/15/2031 578,751
800,000 5.05%, 03/15/2035 801,658
1,400,000 4.15%, 12/01/2044 1,139,080
1,200,000 5.35%, 03/15/2053 1,119,907
352,146 Elm Road Generating Station Supercritical LLC(b)
4.67%, 01/19/2031
352,677
196,000 Emera US Finance LP
4.75%, 06/15/2046
161,693
175,000 Entergy Corp
2.80%, 06/15/2030
162,718
1,200,000 Entergy Louisiana LLC
5.70%, 03/15/2054
1,165,501
1,200,000 Entergy Texas Inc
5.25%, 04/15/2035
1,210,869
  Eversource Energy  
600,000 5.50%, 01/01/2034 608,447
1,000,000 3.45%, 01/15/2050 685,600
  Exelon Corp  
1,000,000 5.13%, 03/15/2031 1,017,796
1,750,000 5.30%, 03/15/2033 1,791,593
  Florida Power & Light Co  
800,000 5.05%, 04/01/2028 813,356
1,000,000 5.15%, 06/15/2029 1,025,856
140,000 5.96%, 04/01/2039 149,414
1,209,000 5.25%, 02/01/2041(a) 1,202,240
171,000 4.05%, 10/01/2044 138,947
800,000 3.15%, 10/01/2049 535,482
  Georgia Power Co  
1,000,000 4.00%, 10/01/2028 994,142
1,000,000 5.20%, 03/15/2035 1,015,701
1,000,000 3.25%, 03/15/2051 667,833
175,000 IPALCO Enterprises Inc
4.25%, 05/01/2030
168,488
1,000,000 ITC Holdings Corp(b)
4.95%, 09/22/2027
1,004,703
1,000,000 Jersey Central Power & Light Co
5.10%, 01/15/2035
999,570
  Kentucky Utilities Co  
175,000 5.13%, 11/01/2040 168,799
245,000 5.85%, 08/15/2055 243,596
  MidAmerican Energy Co  
1,000,000 5.35%, 01/15/2034 1,026,639
1,175,000 2.70%, 08/01/2052 706,410
  National Rural Utilities Cooperative Finance Corp  
1,000,000 5.05%, 09/15/2028 1,015,605
1,000,000 2.75%, 04/15/2032 895,551
Principal Amount   Fair Value
Utilities — (continued)
  NextEra Energy Capital Holdings Inc  
$   460,000 4.69%, 09/01/2027 $      462,219
 1,500,000 4.85%, 02/04/2028     1,513,870
   800,000 5.05%, 02/28/2033       807,413
 1,500,000 5.45%, 03/15/2035     1,525,012
   835,000 6.38%, 08/15/2055       850,658
  NiSource Inc  
1,000,000 5.20%, 07/01/2029 1,019,780
600,000 5.35%, 04/01/2034 610,481
301,000 3.95%, 03/30/2048 225,774
261,000 5.00%, 06/15/2052 225,660
500,000 Northern States Power Co
5.65%, 05/15/2055
490,708
358,000 Oglethorpe Power Corp
3.75%, 08/01/2050
254,452
1,000,000 Oklahoma Gas & Electric Co
5.40%, 01/15/2033
1,029,805
  Oncor Electric Delivery Co LLC  
503,000 3.75%, 04/01/2045 386,999
2,000,000 2.70%, 11/15/2051 1,159,530
1,000,000 ONE Gas Inc
4.25%, 09/01/2032
972,013
  Pacific Gas & Electric Co  
1,600,000 5.55%, 05/15/2029 1,638,004
3,000,000 3.25%, 06/01/2031 2,767,017
800,000 6.15%, 01/15/2033 836,479
800,000 5.70%, 03/01/2035 810,923
1,500,000 4.50%, 07/01/2040 1,280,011
1,400,000 4.95%, 07/01/2050 1,159,727
  PacifiCorp  
1,261,000 2.90%, 06/15/2052 717,260
500,000 5.80%, 01/15/2055 457,702
1,000,000 PECO Energy Co
4.38%, 08/15/2052
809,439
1,000,000 PPL Electric Utilities Corp
5.25%, 05/15/2053
926,865
175,000 Progress Energy Inc
7.75%, 03/01/2031
197,287
  Public Service Co of Colorado  
2,000,000 5.05%, 06/15/2036 1,971,360
302,000 3.60%, 09/15/2042 232,934
1,000,000 5.75%, 05/15/2054 971,369
  Public Service Electric & Gas Co  
1,000,000 5.20%, 08/01/2033 1,021,408
800,000 5.30%, 08/01/2054 746,116
  Public Service Enterprise Group Inc  
270,000 4.90%, 03/15/2030 272,679
175,000 1.60%, 08/15/2030 153,935
1,000,000 Puget Sound Energy Inc
2.89%, 09/15/2051
617,549
800,000 San Diego Gas & Electric Co
5.40%, 04/15/2035
813,559
1,000,000 Sempra
6.88%, 10/01/2054
1,010,767
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Utilities — (continued)
  Southern California Edison Co  
$   500,000 5.15%, 06/01/2029 $      507,024
 1,000,000 5.45%, 06/01/2031     1,022,945
   897,000 4.00%, 04/01/2047       666,407
 1,400,000 5.75%, 04/15/2054     1,299,447
  Southern California Gas Co  
   500,000 5.45%, 06/15/2035(a)       511,636
1,000,000 5.60%, 04/01/2054 953,175
  Southern Co  
237,000 3.70%, 04/30/2030 229,295
1,000,000 5.70%, 03/15/2034 1,036,232
500,000 4.40%, 07/01/2046 411,556
500,000 6.38%, 03/15/2055 514,273
  Southern Co Gas Capital Corp  
600,000 5.15%, 09/15/2032 608,366
600,000 5.88%, 03/15/2041 610,806
1,000,000 Southwest Gas Corp
5.80%, 12/01/2027
1,022,339
500,000 Tampa Electric Co
5.00%, 07/15/2052
443,120
1,200,000 Union Electric Co
5.20%, 04/01/2034
1,219,049
  Virginia Electric & Power Co  
500,000 3.75%, 05/15/2027 496,914
1,070,000 4.90%, 09/15/2035 1,046,868
500,000 3.80%, 09/15/2047 372,680
1,000,000 5.35%, 01/15/2054 921,122
800,000 Wisconsin Electric Power Co
4.60%, 10/01/2034
788,068
1,000,000 Wisconsin Power & Light Co
3.95%, 09/01/2032
952,865
  Xcel Energy Inc  
175,000 2.60%, 12/01/2029 163,470
1,000,000 4.60%, 06/01/2032 982,319
    115,781,214
TOTAL CORPORATE BONDS AND NOTES — 23.54%
(Cost $1,216,225,398) 		$1,163,744,887
FOREIGN GOVERNMENT BONDS AND NOTES
500,000 African Development Bank
4.38%, 03/14/2028   		505,075
  Asian Development Bank  
3,000,000 4.88%, 05/21/2026 3,004,075
1,000,000 3.75%, 04/25/2028 998,944
1,000,000 4.50%, 08/25/2028 1,015,285
1,000,000 1.88%, 03/15/2029 945,784
1,400,000 4.13%, 05/30/2030 1,411,507
1,000,000 3.88%, 06/14/2033 980,466
1,000,000 Asian Infrastructure Investment Bank
4.13%, 01/18/2029   		1,006,998
1,000,000 Canada Government International Bond
4.00%, 03/18/2030   		1,004,160
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
  Chile Government International Bond  
$ 1,000,000 4.95%, 01/05/2036 $      987,810
 2,500,000 3.50%, 01/25/2050     1,784,625
   500,000 3.25%, 09/21/2071       309,090
  Corp Andina de Fomento  
 1,000,000 4.13%, 01/07/2028     1,001,470
   400,000 5.00%, 01/22/2030       411,106
500,000 Council of Europe Development Bank
4.13%, 01/24/2029   		503,415
  European Bank for Reconstruction & Development  
1,000,000 4.38%, 03/09/2028 1,010,261
1,000,000 4.13%, 01/25/2029 1,007,160
  European Investment Bank  
2,000,000 1.38%, 03/15/2027 1,954,609
1,000,000 3.25%, 11/15/2027 991,393
2,000,000 3.88%, 03/15/2028 2,003,104
1,000,000 3.88%, 06/15/2028 1,001,494
1,000,000 1.75%, 03/15/2029 942,404
1,500,000 4.50%, 03/14/2030 1,532,715
1,000,000 3.63%, 07/15/2030 988,603
1,000,000 3.88%, 10/15/2030 997,679
1,000,000 4.25%, 08/16/2032 1,007,484
1,000,000 3.75%, 02/14/2033 975,877
1,000,000 4.13%, 02/13/2034 993,597
1,000,000 Export Development Canada(a)
3.88%, 02/14/2028   		1,000,344
  Export-Import Bank of Korea  
1,000,000 2.63%, 05/26/2026 997,308
1,000,000 4.63%, 06/07/2033(b) 1,009,603
1,000,000 Hungary Government International Bond(b)
3.13%, 09/21/2051   		594,947
  Indonesia Government International Bond  
1,000,000 3.50%, 01/11/2028 984,359
1,000,000 4.65%, 09/20/2032 978,910
1,000,000 5.60%, 01/15/2035 1,017,441
1,000,000 5.65%, 01/11/2053 959,141
  Inter-American Development Bank  
1,000,000 4.38%, 02/01/2027(a) 1,004,167
2,000,000 1.13%, 07/20/2028 1,882,151
1,000,000 4.13%, 02/15/2029 1,007,663
2,000,000 3.75%, 06/14/2030 1,987,068
1,000,000 3.50%, 04/12/2033 955,909
500,000 4.50%, 09/13/2033(a) 508,924
1,000,000 Inter-American Investment Corp
4.75%, 09/19/2028   		1,019,714
  International Bank for Reconstruction & Development  
9,500,000 1.13%, 09/13/2028 8,906,368
1,000,000 4.13%, 03/20/2030 1,008,097
1,000,000 4.00%, 07/25/2030 1,002,624
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
$   500,000 0.75%, 08/26/2030 $      436,236
 1,500,000 3.50%, 10/28/2030     1,472,721
 2,000,000 1.25%, 02/10/2031     1,762,169
 1,500,000 4.63%, 01/15/2032(a)     1,543,663
 1,130,000 4.00%, 05/06/2032     1,125,514
 1,200,000 4.17%, 09/23/2032(c)
1-mo. SOFR + 0.50% 		    1,208,673
 1,000,000 4.38%, 08/27/2035     1,003,461
  International Finance Corp  
500,000 4.38%, 01/15/2027 501,980
500,000 4.50%, 07/13/2028 507,329
  Israel Government International Bond  
1,000,000 5.38%, 02/19/2030 1,014,660
1,000,000 4.50%, 01/17/2033 960,146
1,200,000 5.63%, 02/19/2035 1,220,226
4,000,000 Japan Bank for International Cooperation
2.25%, 11/04/2026   		3,960,523
  Korea Development Bank  
1,000,000 2.25%, 02/24/2027 984,348
470,000 1.38%, 04/25/2027 456,565
1,000,000 4.50%, 02/15/2029 1,011,790
1,000,000 4.25%, 09/08/2032 994,756
  Mexico Government International Bond  
500,000 5.40%, 02/09/2028 506,250
1,000,000 5.00%, 05/07/2029 1,006,500
2,000,000 4.75%, 04/27/2032 1,920,200
1,000,000 5.38%, 03/22/2033 976,500
1,000,000 4.88%, 05/19/2033 946,250
1,000,000 5.63%, 09/22/2035 967,500
1,000,000 6.88%, 05/13/2037 1,047,500
1,000,000 6.63%, 01/29/2038 1,019,000
2,750,000 4.60%, 01/23/2046 2,104,162
500,000 5.00%, 04/27/2051 390,475
1,000,000 6.34%, 05/04/2053 929,250
1,000,000 3.77%, 05/24/2061 596,750
1,000,000 Nordic Investment Bank
3.38%, 09/08/2027   		993,046
  Panama Government International Bond  
1,200,000 3.16%, 01/23/2030 1,119,480
1,600,000 6.40%, 02/14/2035 1,660,512
800,000 6.85%, 03/28/2054(a) 820,416
  Peruvian Government International Bond  
1,000,000 2.84%, 06/20/2030 928,850
500,000 3.00%, 01/15/2034 425,535
1,000,000 5.50%, 03/30/2036 996,400
1,000,000 3.55%, 03/10/2051 676,550
320,000 5.88%, 08/08/2054 308,080
  Philippine Government International Bond  
2,000,000 3.00%, 02/01/2028 1,947,749
1,000,000 5.00%, 07/17/2033 993,142
1,000,000 5.50%, 02/04/2035 1,013,005
2,000,000 2.95%, 05/05/2045 1,334,507
Principal Amount   Fair Value
Foreign Government Bonds and Notes — (continued)
$ 1,000,000 Province of Alberta Canada
4.50%, 01/24/2034   		$    1,003,344
  Province of British Columbia Canada  
 3,000,000 1.30%, 01/29/2031     2,634,148
   800,000 4.80%, 06/11/2035       812,959
  Province of Manitoba Canada  
   500,000 2.13%, 06/22/2026(a)       497,996
   500,000 4.30%, 07/27/2033       495,154
  Province of Ontario Canada  
1,000,000 1.13%, 10/07/2030 879,676
1,500,000 1.80%, 10/14/2031 1,324,940
800,000 4.85%, 06/11/2035 818,399
3,200,000 Province of Quebec Canada
1.35%, 05/28/2030   		2,873,226
1,000,000 Republic of Italy Government International Bond
3.88%, 05/06/2051   		730,448
  Republic of Poland Government International Bond  
1,000,000 5.75%, 11/16/2032 1,050,482
1,000,000 5.38%, 02/12/2035 1,018,111
  Svensk Exportkredit AB  
1,000,000 4.13%, 06/14/2028 1,004,171
1,000,000 4.88%, 10/04/2030 1,034,166
  Uruguay Government International Bond  
500,000 4.38%, 01/23/2031 498,300
2,100,000 5.44%, 02/14/2037 2,142,315
500,000 4.98%, 04/20/2055 441,950
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 2.49%
(Cost $127,378,255) 		$123,153,082
MORTGAGE-BACKED SECURITIES
Non-Agency — 0.61%
  BANK  
  Series 2017-BNK7 Class A5  
500,000 3.44%, 09/15/2060   492,280
  Series 2018-BN10 Class A5  
300,000 3.69%, 02/15/2061   295,975
  Series 2019-BN20 Class ASB  
1,537,926 2.93%, 09/15/2062   1,499,828
  Series 2024-BNK48 Class A5  
1,000,000 5.05%, 10/15/2057   1,002,206
4,000,000 Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2017-BNK3 Class A4
3.57%,  02/15/2050   		3,972,564
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Barclays Commercial Mortgage Securities Trust  
  Series 2021-C10 Class A5  
$ 1,446,474 2.49%, 07/15/2054   $    1,308,095
  Series 2021-C11 Class A5  
 1,000,000 2.32%, 09/15/2054         884,137
  Benchmark Mortgage Trust  
  Series 2018-B4 Class A5  
1,100,000 4.12%, 07/15/2051(d)   1,087,823
  Series 2018-B7 Class A3  
2,200,000 4.24%, 05/15/2053   2,180,021
  Series 2019-B9 Class A4  
549,450 3.75%, 03/15/2052   539,866
  Series 2020-IG1 Class A3  
322,000 2.69%, 09/15/2043   280,906
  Series 2021-B25 Class A5  
1,000,000 2.58%, 04/15/2054   898,059
1,000,000 CFCRE Commercial Mortgage Trust
Series 2017-C8 Class A4
3.57%,  06/15/2050   		988,743
  Citigroup Commercial Mortgage Trust  
  Series 2015-GC31 Class A4  
164,919 3.76%, 06/10/2048   161,776
  Series 2018-C6 Class A4  
2,095,000 4.41%, 11/10/2051   2,080,164
238,000 COMM Mortgage Trust
Series 2018-COR3 Class A3
4.23%,  05/10/2051   		233,428
1,825,000 CSAIL Commercial Mortgage Trust
Series 2016-C7 Class A5
3.50%,  11/15/2049   		1,814,427
  GS Mortgage Securities Trust  
  Series 2016-GS4 Class A4  
3,115,000 3.44%, 11/10/2049(d)   3,099,698
  Series 2019-GC42 Class A4  
1,000,000 3.00%, 09/10/2052   943,775
650,000 JPMCC Commercial Mortgage Securities Trust
Series 2019-COR4 Class AS
4.29%,  03/10/2052   		618,166
1,550,000 Morgan Stanley Bank of America Merrill Lynch Trust
Series 2016-C32 Class A4
3.72%,  12/15/2049   		1,541,039
1,000,000 Morgan Stanley Capital I Trust
Series 2018-H3 Class A5
4.18%,  07/15/2051   		992,595
  Wells Fargo Commercial Mortgage Trust  
  Series 2019-C52 Class A5  
2,400,000 2.89%, 08/15/2052   2,263,459
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2020-C55 Class A5  
$ 1,000,000 2.73%, 02/15/2053   $      933,518
    30,112,548
U.S. Government Agency — 24.29%
  Federal Home Loan Mortgage Corp  
     3,607 4.00%, 05/01/2026           3,601
     9,782 3.00%, 01/01/2027           9,734
340 7.50%, 05/01/2027   342
78,077 2.50%, 11/01/2028   76,961
46,391 3.00%, 01/01/2029   45,883
195,204 3.00%, 02/01/2029   192,462
2,113 6.50%, 04/01/2029   2,187
592 7.50%, 08/01/2030   608
740,317 2.50%, 12/01/2031   714,276
130,473 2.50%, 02/01/2032   125,681
84,134 3.50%, 04/01/2032   82,564
22,691 6.50%, 11/01/2032   24,009
126,943 3.00%, 04/01/2033   123,763
81,801 3.50%, 05/01/2033   80,388
107,482 3.50%, 06/01/2033   105,099
153,895 4.00%, 07/01/2033   153,015
617,603 3.00%, 01/01/2034   599,077
83,436 3.50%, 03/01/2034   81,939
162,690 4.00%, 06/01/2034   160,701
139,781 3.50%, 09/01/2034   136,785
225,566 2.00%, 10/01/2034   209,950
447,242 3.00%, 12/01/2034   430,370
546,788 2.50%, 02/01/2035   516,930
140,314 2.50%, 03/01/2035   132,778
378,562 1.50%, 07/01/2035   342,784
1,196,217 2.00%, 07/01/2035 1,103,488
342,512 3.00%, 07/01/2035   328,886
513,548 2.00%, 08/01/2035   475,043
207,675 2.00%, 09/01/2035   191,589
950,319 1.50%, 10/01/2035   860,475
1,177,816 2.00%, 10/01/2035 1,086,075
1,115,654 1.50%, 12/01/2035   1,010,180
109,219 2.00%, 12/01/2035   100,758
1,339,680 2.00%, 01/01/2036 1,235,892
1,022,812 1.50%, 02/01/2036   922,941
353,399 2.00%, 02/01/2036   326,014
1,097,106 2.50%, 02/01/2036   1,041,230
218,891 2.00%, 03/01/2036   201,929
5,721 6.00%, 03/01/2036   6,007
5,731 6.00%, 04/01/2036   5,932
418,238 1.00%, 05/01/2036   365,714
384,794 1.50%, 05/01/2036   346,566
1,667,322 2.00%, 05/01/2036   1,535,006
196,846 1.50%, 06/01/2036   178,234
22,465 5.00%, 06/01/2036   22,686
958,133 1.50%, 07/01/2036   862,453
181,671 1.00%, 08/01/2036   158,851
616,774 1.50%, 09/01/2036   555,357
562,741 2.00%, 09/01/2036   518,067
454,126 3.00%, 09/01/2036   431,163
522,306 1.50%, 10/01/2036   470,293
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,436,686 2.00%, 10/01/2036   $    2,243,229
 1,569,980 2.50%, 10/01/2036       1,484,252
 1,847,962 1.50%, 12/01/2036       1,662,821
   788,555 1.50%, 01/01/2037         709,235
   510,518 1.50%, 03/01/2037         459,082
 1,040,611 2.00%, 03/01/2037         958,635
   849,990 2.00%, 04/01/2037         781,996
330,058 1.50%, 05/01/2037   296,803
1,008,309 1.50%, 06/01/2037 906,719
259,740 4.00%, 07/01/2037   253,636
295,529 5.00%, 10/01/2037   298,102
134,894 4.50%, 11/01/2037   134,297
11,014 5.50%, 11/01/2037   11,294
146,075 4.00%, 12/01/2037   142,716
415,452 4.50%, 12/01/2037   413,105
7,437 5.50%, 12/01/2037   7,678
435,055 3.50%, 01/01/2038   418,998
233,145 4.00%, 05/01/2038   227,830
196,790 5.50%, 07/01/2038   200,793
177,672 6.00%, 09/01/2038   183,396
61,274 3.50%, 10/01/2038   58,838
193,261 5.50%, 11/01/2038   197,192
388,413 5.50%, 05/01/2039   396,203
562,314 6.00%, 07/01/2039   580,388
293,332 5.50%, 09/01/2039   299,094
456,937 4.00%, 11/01/2039   446,695
51,642 5.00%, 12/01/2039   52,256
541,420 3.00%, 02/01/2040   502,185
1,005,853 4.50%, 02/01/2040   1,001,402
113,763 5.00%, 02/01/2040   115,117
615,880 5.50%, 03/01/2040   627,978
104,347 5.00%, 05/01/2040   105,589
182,526 2.50%, 07/01/2040   165,751
804,526 5.00%, 07/01/2040   810,738
100,686 5.50%, 07/01/2040   102,664
158,726 2.50%, 08/01/2040   143,999
566,539 5.00%, 08/01/2040 571,125
960,218 2.00%, 10/01/2040   848,529
306,790 1.50%, 11/01/2040   261,914
401,289 2.00%, 12/01/2040   354,085
604,477 2.50%, 12/01/2040   547,333
738,305 4.50%, 12/01/2040   733,296
238,956 5.50%, 01/01/2041   243,650
447,155 4.00%, 02/01/2041 432,531
600,787 2.00%, 03/01/2041   530,098
77,315 4.00%, 04/01/2041   74,765
202,193 1.50%, 05/01/2041   171,453
1,450,053 2.00%, 07/01/2041 1,264,748
280,307 2.50%, 07/01/2041   252,669
419,630 2.00%, 08/01/2041   365,982
1,371,688 2.00%, 10/01/2041   1,193,581
494,356 2.00%, 11/01/2041   429,903
528,764 1.50%, 12/01/2041   444,887
178,130 2.50%, 03/01/2042   160,062
577,336 2.50%, 04/01/2042   518,421
386,808 2.50%, 09/01/2042   347,223
64,693 4.00%, 10/01/2042   63,113
242,508 3.50%, 11/01/2042   228,811
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   198,989 3.50%, 05/01/2043   $      187,749
   293,846 4.00%, 11/01/2043         283,965
   289,558 3.50%, 11/01/2044         272,044
   884,032 3.00%, 04/01/2045       804,980
   648,259 5.00%, 06/01/2045         647,165
   491,843 3.00%, 08/01/2045         447,429
   310,429 4.50%, 09/01/2045         306,994
318,333 3.50%, 10/01/2045   299,284
621,302 4.50%, 11/01/2045   609,703
146,260 5.00%, 11/01/2045   145,472
96,849 5.50%, 12/01/2045   97,879
322,338 5.00%, 01/01/2046   321,997
824,561 3.50%, 04/01/2046 773,161
1,558,016 3.00%, 08/01/2046   1,405,848
1,979,261 3.00%, 12/01/2046   1,783,186
2,612,556 3.00%, 01/01/2047   2,344,182
2,033,814 3.00%, 02/01/2047   1,834,076
848,258 3.50%, 02/01/2047   790,645
775,217 4.00%, 02/01/2047   747,787
423,175 2.50%, 03/01/2047   366,039
901,941 3.50%, 07/01/2047   850,828
936,403 4.00%, 08/01/2047   894,317
400,585 3.50%, 11/01/2047   373,715
392,694 4.00%, 11/01/2047   375,633
214,776 4.50%, 01/01/2048   210,116
855,279 3.50%, 02/01/2048   791,571
291,716 4.00%, 03/01/2048   279,378
923,447 3.50%, 08/01/2048   853,308
160,524 4.00%, 08/01/2048   153,738
105,151 4.50%, 08/01/2048   103,202
117,821 4.00%, 09/01/2048   112,957
2,344,072 4.00%, 11/01/2048   2,244,720
51,912 4.00%, 01/01/2049   49,784
887,045 4.50%, 03/01/2049   871,552
1,379,691 3.50%, 05/01/2049 1,285,441
3,325,500 3.50%, 06/01/2049   3,083,514
375,584 5.50%, 06/01/2049   384,974
299,898 4.50%, 08/01/2049   294,572
407,571 5.00%, 08/01/2049   408,701
1,237,548 3.00%, 09/01/2049 1,103,705
372,467 4.00%, 09/01/2049   356,247
635,315 2.50%, 10/01/2049   541,118
270,922 3.00%, 10/01/2049   242,724
55,109 3.50%, 10/01/2049   51,066
135,687 4.00%, 10/01/2049   129,821
761,067 4.50%, 11/01/2049   747,080
1,475,654 3.50%, 12/01/2049 1,376,934
305,643 3.50%, 01/01/2050   285,585
1,151,710 3.00%, 02/01/2050   1,031,633
112,301 3.00%, 03/01/2050   100,537
135,760 5.00%, 03/01/2050   136,202
305,233 3.00%, 04/01/2050   271,338
452,583 3.50%, 04/01/2050   420,091
1,359,010 2.50%, 05/01/2050 1,157,126
526,103 4.00%, 05/01/2050   502,675
1,883,715 2.00%, 06/01/2050   1,537,441
3,117,134 2.50%, 07/01/2050 2,644,899
74,637 4.00%, 07/01/2050   71,348
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   639,264 4.50%, 07/01/2050   $      621,727
 1,056,647 2.00%, 08/01/2050         861,010
 2,372,856 3.00%, 08/01/2050     2,104,791
 4,965,118 2.00%, 09/01/2050     4,045,890
 2,372,107 2.50%, 09/01/2050       2,015,802
 2,836,995 3.00%, 09/01/2050       2,514,049
   150,206 3.50%, 09/01/2050         139,088
77,270 4.00%, 09/01/2050   73,797
760,066 2.00%, 10/01/2050   622,007
799,620 2.50%, 10/01/2050   679,767
2,894,209 3.00%, 10/01/2050   2,565,624
1,970,056 1.50%, 11/01/2050   1,527,709
6,000,331 2.00%, 11/01/2050 4,885,181
793,295 2.50%, 11/01/2050   680,897
1,632,611 1.50%, 12/01/2050   1,265,127
4,191,111 2.00%, 12/01/2050   3,410,777
382,338 3.00%, 12/01/2050   338,812
275,502 1.50%, 01/01/2051   213,555
6,209,739 2.00%, 01/01/2051   5,054,858
5,930,897 2.50%, 01/01/2051 5,015,678
3,710,920 1.50%, 03/01/2051   2,874,767
7,421,115 2.00%, 03/01/2051 6,048,046
728,139 1.50%, 04/01/2051   564,033
2,093,626 2.00%, 04/01/2051   1,699,555
477,411 2.50%, 04/01/2051   404,761
5,882,668 2.00%, 05/01/2051 4,770,250
3,708,252 2.50%, 05/01/2051 3,155,647
1,542,580 1.50%, 06/01/2051   1,191,688
874,506 3.50%, 06/01/2051   807,069
2,188,361 2.00%, 07/01/2051   1,774,636
2,961,176 2.00%, 08/01/2051   2,402,112
1,230,285 2.50%, 08/01/2051   1,042,749
3,697,487 2.50%, 09/01/2051 3,151,649
2,746,436 1.50%, 10/01/2051 2,121,938
9,684,129 2.00%, 10/01/2051   7,848,250
12,332,959 2.50%, 10/01/2051 10,469,107
8,341,652 2.00%, 11/01/2051 6,768,999
5,656,293 2.50%, 11/01/2051   4,793,703
4,709,601 2.00%, 12/01/2051 3,819,969
3,348,894 2.50%, 12/01/2051   2,837,129
3,136,930 3.00%, 12/01/2051 2,773,738
1,941,485 2.00%, 01/01/2052   1,571,902
5,624,140 2.50%, 01/01/2052 4,817,963
714,536 3.00%, 01/01/2052   628,150
627,644 2.00%, 02/01/2052   505,893
1,857,990 2.50%, 02/01/2052   1,584,490
3,302,095 2.00%, 03/01/2052 2,687,428
2,609,962 3.00%, 03/01/2052 2,303,885
315,890 3.50%, 03/01/2052   291,501
4,070,313 2.50%, 04/01/2052 3,442,594
253,842 3.00%, 04/01/2052   226,344
1,788,015 3.50%, 04/01/2052 1,644,314
5,619,822 3.00%, 05/01/2052 4,948,523
1,096,217 4.00%, 05/01/2052 1,037,745
816,227 3.00%, 06/01/2052 724,916
3,891,402 3.50%, 06/01/2052 3,580,887
452,668 4.50%, 06/01/2052   438,798
1,803,473 2.50%, 07/01/2052   1,525,631
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   316,660 3.50%, 07/01/2052   $      293,184
   510,215 4.50%, 07/01/2052         495,003
   222,134 5.00%, 07/01/2052         220,804
   548,718 3.50%, 08/01/2052         509,548
 3,614,522 4.00%, 08/01/2052       3,417,822
 2,499,291 2.50%, 09/01/2052       2,112,680
   436,223 4.00%, 09/01/2052         416,780
6,135,808 4.50%, 09/01/2052 5,955,220
2,231,696 5.00%, 09/01/2052   2,212,163
2,850,831 3.50%, 10/01/2052   2,616,497
1,850,549 4.00%, 10/01/2052 1,751,521
390,135 4.50%, 10/01/2052   379,824
427,066 5.00%, 10/01/2052   426,517
334,588 5.50%, 10/01/2052   337,570
209,260 6.00%, 10/01/2052   214,645
441,353 4.50%, 11/01/2052   433,184
1,983,866 5.00%, 11/01/2052 1,970,501
479,878 5.50%, 11/01/2052   484,840
633,326 4.50%, 12/01/2052   613,162
2,623,125 5.00%, 12/01/2052 2,603,358
765,162 5.50%, 12/01/2052 776,286
337,105 6.00%, 12/01/2052   346,041
457,664 5.00%, 01/01/2053   455,530
880,171 5.50%, 01/01/2053 890,753
1,274,223 6.00%, 01/01/2053 1,308,334
554,998 5.50%, 02/01/2053   561,692
187,402 6.50%, 02/01/2053   194,703
600,708 5.00%, 03/01/2053   598,627
468,422 5.50%, 03/01/2053   477,662
537,120 4.50%, 04/01/2053   518,946
933,141 5.50%, 04/01/2053 947,378
661,256 5.00%, 05/01/2053 657,677
2,319,902 5.50%, 05/01/2053   2,339,166
575,760 4.50%, 06/01/2053   557,702
603,392 5.00%, 06/01/2053 603,340
655,257 5.50%, 06/01/2053 664,846
1,098,428 5.00%, 07/01/2053   1,087,117
359,059 5.50%, 07/01/2053   365,795
503,485 6.00%, 07/01/2053 516,387
1,791,892 5.00%, 08/01/2053   1,774,369
335,854 5.50%, 08/01/2053   338,412
772,426 6.00%, 08/01/2053 796,467
266,375 6.50%, 08/01/2053   280,591
329,088 5.00%, 09/01/2053   325,699
513,208 6.50%, 09/01/2053 535,531
1,380,477 5.50%, 10/01/2053   1,390,675
4,564,013 6.00%, 10/01/2053 4,693,087
545,095 6.50%, 10/01/2053   564,186
988,916 5.00%, 11/01/2053 978,932
474,711 5.50%, 11/01/2053   478,109
316,403 6.00%, 11/01/2053   331,103
639,556 6.50%, 11/01/2053   672,208
970,793 5.50%, 12/01/2053   977,071
2,379,333 6.00%, 01/01/2054 2,446,195
369,683 7.00%, 01/01/2054   394,130
1,317,311 5.50%, 02/01/2054   1,347,293
2,159,363 5.50%, 03/01/2054   2,171,355
1,234,634 6.50%, 03/01/2054   1,285,329
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   955,473 4.50%, 04/01/2054   $      922,552
   219,857 7.00%, 04/01/2054         231,409
 4,304,283 5.50%, 05/01/2054       4,325,973
 3,277,461 6.50%, 05/01/2054       3,390,291
 2,164,560 5.50%, 06/01/2054       2,176,471
 1,381,308 5.00%, 08/01/2054       1,363,512
13,056,855 6.00%, 08/01/2054    13,328,817
1,387,435 6.50%, 08/01/2054   1,434,645
6,155,429 5.50%, 09/01/2054 6,190,770
2,549,496 6.00%, 09/01/2054   2,600,494
579,955 6.50%, 09/01/2054   599,578
419,863 4.50%, 10/01/2054   405,380
884,713 5.00%, 10/01/2054   873,268
2,099,718 5.50%, 10/01/2054   2,110,631
4,198,460 6.00%, 10/01/2054   4,280,712
561,467 6.50%, 10/01/2054   580,466
5,952,384 5.00%, 11/01/2054 5,880,044
6,587,212 5.50%, 11/01/2054   6,621,112
700,080 6.00%, 11/01/2054   713,930
2,512,887 4.50%, 12/01/2054   2,426,297
3,682,394 5.00%, 12/01/2054   3,634,476
6,300,370 5.50%, 12/01/2054   6,332,153
175,478 4.50%, 01/01/2055   169,431
757,575 5.00%, 01/01/2055   747,698
664,881 5.50%, 01/01/2055   668,231
352,140 6.50%, 01/01/2055   364,258
2,099,558 5.00%, 02/01/2055   2,071,483
1,199,012 6.00%, 02/01/2055   1,222,233
548,636 7.00%, 02/01/2055   576,469
4,741,185 6.00%, 05/01/2055 4,832,970
5,333,887 5.00%, 06/01/2055   5,264,202
2,076,415 6.50%, 06/01/2055   2,146,675
1,054,144 4.00%, 07/01/2055   995,133
3,844,185 5.50%, 07/01/2055   3,863,557
581,639 6.50%, 09/01/2055   601,138
1,724,769 5.00%, 01/01/2056   1,701,614
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K061 Class A2  
1,775,619 3.35%, 11/25/2026(d)   1,766,120
  Series K067 Class A2  
1,100,000 3.19%, 07/25/2027   1,088,376
  Series K077 Class A2  
2,750,000 3.85%, 05/25/2028(d)   2,732,649
  Series K084 Class A2  
1,500,000 3.78%, 10/25/2028(d)   1,486,658
  Series K087 Class A2  
1,515,070 3.77%, 12/25/2028   1,500,852
  Series K092 Class A2  
2,150,000 3.30%, 04/25/2029   2,099,326
  Series K095 Class A2  
2,500,000 2.79%, 06/25/2029   2,401,928
  Series K098 Class A2  
1,000,000 2.43%, 08/25/2029   947,491
  Series K100 Class A2  
2,007,000 2.67%, 09/25/2029   1,912,648
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series K104 Class A2  
$   300,000 2.25%, 01/25/2030   $      280,725
  Series K127 Class A2  
   500,000 2.11%, 01/25/2031         454,122
  Series K130 Class A2  
 1,800,000 1.72%, 06/25/2031       1,594,227
  Series K154 Class A2  
1,900,000 3.42%, 04/25/2032   1,855,299
  Series K-157 Class A2  
2,954,000 4.20%, 05/25/2033   2,905,180
  Series KJ37 Class A2  
500,000 2.33%, 11/25/2030   468,713
  Federal National Mortgage Association  
289,678 2.50%, 06/01/2028 285,180
4,474 6.00%, 01/01/2029   4,561
75,731 3.00%, 03/01/2029   74,591
54,929 3.50%, 04/01/2029   54,500
35,866 3.50%, 09/01/2029   35,531
64,054 4.00%, 09/01/2030   63,576
182,414 3.00%, 10/01/2030   178,521
20,775 8.00%, 10/01/2030   21,161
490,584 2.50%, 09/01/2031   473,137
125,463 2.00%, 10/01/2031   119,615
61,867 3.50%, 01/01/2032   60,686
423,354 3.50%, 02/01/2032 416,097
20,043 6.50%, 06/01/2032   20,721
202,401 3.00%, 08/01/2032   196,552
14,813 6.50%, 08/01/2032   15,314
603,042 3.00%, 10/01/2032   582,407
50,687 3.00%, 11/01/2032   49,191
136,854 2.50%, 01/01/2033   133,170
227,363 3.00%, 02/01/2033   219,269
54,258 5.50%, 03/01/2033   54,532
246,677 3.00%, 04/01/2033   237,096
10,608 5.00%, 09/01/2033 10,706
945,034 3.00%, 12/01/2033   917,869
14,333 5.50%, 01/01/2034 14,411
90,731 4.00%, 02/01/2034   89,599
132,807 3.50%, 03/01/2034   130,255
34,260 5.50%, 03/01/2034   34,433
51,714 5.50%, 05/01/2034   52,596
106,234 3.50%, 07/01/2034   105,198
122,817 2.50%, 09/01/2034   116,344
212,563 2.50%, 01/01/2035   200,956
116,776 3.00%, 02/01/2035   112,563
15,414 5.50%, 02/01/2035   15,724
197,329 3.00%, 03/01/2035   189,275
553,053 3.00%, 04/01/2035   531,058
163,997 5.00%, 05/01/2035   165,333
491,307 2.00%, 06/01/2035   453,263
504,838 2.50%, 06/01/2035   477,272
196,593 3.50%, 06/01/2035   192,424
204,439 1.50%, 07/01/2035   185,115
280,728 2.00%, 07/01/2035   258,919
184,983 4.00%, 07/01/2035   183,958
3,795 5.00%, 07/01/2035   3,825
362,202 2.00%, 09/01/2035   334,058
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   138,445 3.50%, 09/01/2035   $      135,645
    37,554 5.00%, 09/01/2035        37,849
   811,921 1.50%, 10/01/2035         735,177
    37,858 5.00%, 10/01/2035          38,190
    30,636 6.00%, 10/01/2035          32,046
    28,645 5.50%, 11/01/2035          29,559
 1,255,853 2.00%, 12/01/2035       1,158,567
593,331 2.00%, 01/01/2036   546,255
574,236 2.50%, 01/01/2036   544,622
606,256 1.50%, 02/01/2036   547,060
1,698,552 2.00%, 02/01/2036 1,564,355
277,387 3.50%, 04/01/2036   266,670
28,906 6.00%, 04/01/2036   30,304
624,912 1.50%, 05/01/2036   563,878
1,180,416 2.00%, 05/01/2036 1,086,791
482,311 2.50%, 05/01/2036   456,830
1,430,132 2.00%, 06/01/2036   1,316,623
3,054,541 2.50%, 06/01/2036   2,892,246
766,984 1.50%, 07/01/2036   690,925
492,847 2.00%, 07/01/2036   453,727
254,661 2.50%, 07/01/2036   241,087
209,925 1.50%, 08/01/2036   190,078
356,352 2.00%, 08/01/2036   329,169
3,011 6.50%, 08/01/2036   3,130
1,134,390 1.50%, 09/01/2036   1,021,881
1,612,032 2.00%, 09/01/2036   1,484,058
128,323 1.00%, 10/01/2036   112,201
2,275,139 1.50%, 10/01/2036 2,050,144
552,207 2.00%, 10/01/2036   508,034
275,827 2.50%, 10/01/2036   260,766
938,892 1.50%, 11/01/2036   845,022
3,065,410 2.00%, 11/01/2036 2,820,882
270,759 2.50%, 11/01/2036   256,015
22,675 5.50%, 11/01/2036   23,400
596,308 1.50%, 12/01/2036 537,409
370,440 6.00%, 12/01/2036   387,506
1,438,681 1.50%, 01/01/2037   1,293,969
2,263,697 2.00%, 01/01/2037   2,082,615
548,386 3.00%, 01/01/2037   522,079
1,069,591 2.00%, 02/01/2037   984,030
938,746 2.00%, 03/01/2037 865,185
733,125 2.00%, 04/01/2037   674,480
67,603 2.50%, 04/01/2037   63,911
704,657 3.00%, 04/01/2037   673,196
597,381 1.50%, 05/01/2037   537,193
427,046 3.50%, 07/01/2037   413,052
15,553 5.00%, 07/01/2037   15,648
324,816 2.50%, 08/01/2037   307,080
94,284 5.50%, 08/01/2037   97,249
472,575 3.00%, 09/01/2037   451,476
336,833 4.50%, 09/01/2037   335,344
287,885 4.00%, 12/01/2037   281,362
176,444 5.50%, 01/01/2038   181,584
420,838 2.50%, 02/01/2038   397,858
79,424 6.00%, 03/01/2038 83,311
39,855 5.50%, 07/01/2038   41,129
233,438 5.00%, 09/01/2038   235,374
26,350 2.50%, 05/01/2039   24,563
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$    23,560 6.00%, 05/01/2039   $       24,716
   170,003 4.50%, 08/01/2039         168,246
   213,917 5.00%, 08/01/2039         216,193
   599,544 5.00%, 09/01/2039         604,173
   583,366 5.00%, 12/01/2039       588,365
   323,495 5.00%, 01/01/2040         326,055
    90,500 4.50%, 03/01/2040          89,564
445,754 2.50%, 05/01/2040   405,394
522,815 3.00%, 05/01/2040   499,168
217,980 4.50%, 05/01/2040   216,935
1,411,513 2.00%, 06/01/2040   1,253,563
131,764 5.00%, 06/01/2040   133,167
149,441 6.00%, 07/01/2040   154,248
104,328 4.50%, 08/01/2040 103,250
387,628 2.00%, 09/01/2040   343,135
214,460 2.50%, 09/01/2040   194,573
470,813 3.00%, 09/01/2040   445,014
382,545 2.50%, 10/01/2040   346,977
727,402 2.00%, 11/01/2040 639,696
64,317 4.50%, 11/01/2040   63,652
96,862 5.00%, 11/01/2040   97,893
366,895 4.00%, 12/01/2040   358,459
246,991 1.50%, 01/01/2041   210,454
434,372 2.00%, 02/01/2041   381,049
878,989 4.00%, 02/01/2041 848,946
360,787 4.50%, 03/01/2041 357,057
522,926 1.50%, 04/01/2041   444,365
351,784 2.00%, 04/01/2041   309,032
63,874 2.50%, 04/01/2041   57,767
779,153 2.00%, 05/01/2041   681,753
265,092 5.00%, 05/01/2041   267,916
275,345 2.00%, 06/01/2041   240,634
659,248 2.00%, 08/01/2041   574,987
459,926 1.50%, 09/01/2041   387,957
889,444 2.50%, 09/01/2041   801,041
618,283 1.50%, 10/01/2041   521,086
831,813 2.00%, 10/01/2041   724,387
743,723 2.50%, 10/01/2041 670,133
124,704 4.50%, 10/01/2041   123,414
1,151,442 1.50%, 12/01/2041   969,616
1,794,317 2.00%, 12/01/2041   1,559,497
356,209 3.50%, 12/01/2041   337,224
343,878 4.00%, 01/01/2042 332,124
757,502 2.00%, 03/01/2042   656,499
952,899 1.50%, 04/01/2042   799,414
373,647 3.00%, 06/01/2042   344,019
356,159 3.50%, 08/01/2042   336,931
222,043 3.00%, 09/01/2042   203,454
582,582 3.00%, 12/01/2042   533,712
596,747 3.00%, 02/01/2043   546,791
265,200 5.00%, 03/01/2043   267,386
259,333 3.00%, 04/01/2043   237,457
477,764 3.50%, 04/01/2043   448,175
1,059,082 3.50%, 05/01/2043   996,715
123,297 4.00%, 07/01/2043   119,003
470,697 3.00%, 08/01/2043   430,256
267,501 3.50%, 08/01/2043   251,970
117,111 4.00%, 09/01/2043   113,032
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   280,373 3.50%, 08/01/2044   $      263,744
   458,298 4.00%, 08/01/2044       442,698
    83,086 5.00%, 11/01/2044          82,927
   154,519 5.00%, 12/01/2044         153,579
   741,902 5.50%, 12/01/2044         752,822
   165,977 4.00%, 06/01/2045         159,784
 1,196,601 2.50%, 07/01/2045       1,032,738
985,561 3.50%, 07/01/2045   925,392
345,968 3.50%, 11/01/2045 323,492
686,394 1.50%, 02/01/2046   540,886
1,023,809 3.50%, 02/01/2046   958,714
567,697 4.00%, 03/01/2046   547,117
1,061,182 3.00%, 06/01/2046   959,466
1,252,859 3.00%, 09/01/2046   1,130,043
867,308 4.00%, 09/01/2046   836,271
277,060 2.50%, 10/01/2046   239,893
1,115,900 3.00%, 10/01/2046 1,008,303
223,086 4.00%, 10/01/2046   214,163
630,196 3.00%, 12/01/2046 567,889
308,760 3.50%, 12/01/2046   288,274
1,009,951 3.50%, 01/01/2047   939,274
167,854 4.00%, 03/01/2047   160,863
261,814 4.00%, 06/01/2047   250,746
200,831 4.00%, 07/01/2047   192,341
231,862 4.50%, 08/01/2047   228,137
3,616,832 3.50%, 10/01/2047 3,366,003
654,383 4.00%, 10/01/2047   626,681
4,153,414 3.50%, 01/01/2048   3,861,681
829,645 3.50%, 02/01/2048   772,346
764,646 4.50%, 02/01/2048   752,007
537,558 3.00%, 05/01/2048   482,306
572,016 3.50%, 05/01/2048   530,558
258,021 4.50%, 05/01/2048   254,012
249,544 4.00%, 10/01/2048   238,916
271,840 4.00%, 11/01/2048   260,102
1,944,489 4.50%, 11/01/2048   1,912,567
232,632 5.00%, 11/01/2048   233,383
991,029 4.00%, 01/01/2049 946,285
263,548 4.50%, 02/01/2049   258,296
453,156 3.50%, 03/01/2049   423,543
684,053 3.50%, 05/01/2049   642,352
886,231 3.50%, 06/01/2049   826,251
1,704,803 4.00%, 06/01/2049   1,630,917
808,927 3.50%, 07/01/2049   751,943
2,195,264 4.00%, 07/01/2049 2,102,530
702,654 4.50%, 07/01/2049   687,860
1,142,352 3.50%, 08/01/2049   1,060,371
766,496 4.00%, 08/01/2049   730,724
314,677 3.00%, 09/01/2049   281,493
731,851 3.50%, 09/01/2049   678,081
251,278 4.50%, 09/01/2049   246,893
576,105 4.50%, 10/01/2049 564,515
969,277 3.50%, 11/01/2049   907,402
3,074,918 3.00%, 12/01/2049 2,741,670
857,073 3.50%, 12/01/2049 796,650
2,067,471 2.50%, 01/01/2050   1,759,964
597,493 3.00%, 01/01/2050   535,064
275,270 4.00%, 01/01/2050   262,011
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,763,110 3.00%, 02/01/2050 $    2,464,166
   380,171 4.50%, 02/01/2050         370,495
 2,265,612 3.00%, 03/01/2050     2,006,549
   483,331 3.50%, 03/01/2050       446,955
   729,293 4.00%, 03/01/2050       698,492
   380,924 3.00%, 04/01/2050         338,269
 1,035,706 4.50%, 04/01/2050       1,021,801
1,172,513 2.50%, 05/01/2050   996,681
580,823 3.50%, 05/01/2050 537,694
6,362,628 2.50%, 06/01/2050   5,412,262
257,570 4.00%, 06/01/2050   246,220
114,924 4.50%, 06/01/2050   111,940
328,440 2.50%, 07/01/2050   279,280
2,726,831 3.00%, 07/01/2050 2,414,631
425,481 4.00%, 07/01/2050   405,894
3,440,774 2.00%, 08/01/2050   2,799,939
3,267,473 2.50%, 08/01/2050 2,790,979
494,100 4.00%, 08/01/2050   473,011
2,110,531 2.00%, 09/01/2050 1,735,777
899,014 2.50%, 09/01/2050   764,261
1,058,986 3.00%, 09/01/2050 939,940
378,216 1.50%, 10/01/2050   293,416
2,834,023 2.50%, 10/01/2050 2,418,566
862,505 3.00%, 10/01/2050   773,296
2,430,347 1.50%, 11/01/2050   1,882,017
3,739,363 2.00%, 11/01/2050 3,058,593
511,143 2.50%, 11/01/2050   435,700
886,732 4.00%, 11/01/2050   854,128
358,542 1.50%, 12/01/2050   277,983
4,450,412 2.00%, 12/01/2050 3,623,705
681,205 2.50%, 12/01/2050   573,949
2,435,288 3.00%, 12/01/2050   2,168,589
68,022 4.00%, 12/01/2050   64,702
3,408,717 1.50%, 01/01/2051   2,641,761
14,946,999 2.00%, 01/01/2051   12,167,180
1,704,467 2.50%, 01/01/2051   1,462,498
448,342 3.50%, 01/01/2051   415,156
8,937,577 2.00%, 02/01/2051 7,273,141
1,892,775 2.50%, 02/01/2051 1,604,139
224,454 4.00%, 02/01/2051   214,989
3,202,870 2.00%, 03/01/2051 2,601,324
379,499 3.50%, 03/01/2051   353,227
959,203 1.50%, 04/01/2051   743,033
6,259,989 2.50%, 04/01/2051 5,331,852
2,057,336 3.00%, 04/01/2051 1,829,938
292,169 1.50%, 05/01/2051   226,326
4,319,235 2.00%, 05/01/2051 3,498,325
1,975,907 2.50%, 05/01/2051   1,685,010
6,301,096 3.00%, 05/01/2051   5,585,605
625,513 1.50%, 06/01/2051   483,542
392,474 2.00%, 06/01/2051   316,341
4,895,469 2.50%, 06/01/2051 4,174,654
665,856 3.00%, 06/01/2051   599,337
15,087,170 2.00%, 07/01/2051 12,251,146
5,224,704 2.00%, 08/01/2051 4,241,491
2,054,664 2.50%, 08/01/2051 1,736,486
583,412 3.00%, 08/01/2051   515,178
2,556,290 1.50%, 09/01/2051 1,979,261
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 8,604,705 2.00%, 09/01/2051   $    6,977,931
15,736,094 2.50%, 09/01/2051    13,346,303
 1,635,608 1.50%, 10/01/2051       1,263,624
17,382,847 2.00%, 10/01/2051    14,170,182
16,203,918 2.50%, 10/01/2051    13,835,410
   815,270 3.00%, 10/01/2051         716,705
 2,989,208 2.50%, 11/01/2051     2,534,306
4,644,043 3.50%, 11/01/2051 4,296,676
6,239,992 2.00%, 12/01/2051   5,053,789
657,119 2.50%, 12/01/2051   556,701
12,737,150 2.00%, 01/01/2052 10,329,821
2,998,650 2.50%, 01/01/2052   2,540,397
1,799,731 3.00%, 01/01/2052 1,595,823
10,768,987 2.00%, 02/01/2052 8,748,366
2,403,863 2.50%, 02/01/2052 2,029,304
2,158,277 3.00%, 02/01/2052 1,920,730
474,559 4.00%, 02/01/2052   450,009
3,568,955 2.00%, 03/01/2052 2,922,702
1,851,006 2.50%, 03/01/2052 1,595,147
1,201,884 3.00%, 03/01/2052 1,057,510
2,995,972 2.00%, 04/01/2052   2,424,095
3,624,016 2.50%, 04/01/2052 3,078,438
2,932,984 3.00%, 04/01/2052   2,596,947
373,830 3.50%, 04/01/2052   343,027
904,346 4.00%, 04/01/2052   853,738
598,758 2.00%, 05/01/2052   492,377
1,144,078 2.50%, 05/01/2052   980,115
787,928 3.00%, 05/01/2052   693,640
2,982,691 3.50%, 05/01/2052 2,745,034
2,461,225 4.00%, 05/01/2052 2,329,400
883,197 3.00%, 06/01/2052   777,692
2,876,975 3.50%, 06/01/2052 2,652,992
5,977,504 4.00%, 06/01/2052 5,678,480
5,120,922 3.00%, 07/01/2052   4,507,491
6,312,269 4.50%, 07/01/2052 6,119,700
897,086 5.00%, 07/01/2052   889,280
488,557 3.50%, 08/01/2052   448,300
3,973,800 4.00%, 09/01/2052 3,765,523
917,765 4.50%, 09/01/2052   890,121
478,690 5.00%, 09/01/2052   476,244
1,498,898 5.50%, 09/01/2052   1,515,185
2,115,812 4.50%, 10/01/2052 2,056,467
1,858,214 5.00%, 10/01/2052 1,846,881
781,960 4.50%, 11/01/2052 762,301
2,808,503 5.00%, 11/01/2052 2,800,588
671,523 5.50%, 11/01/2052 682,977
1,046,544 4.00%, 12/01/2052   987,979
2,509,892 5.50%, 12/01/2052 2,546,128
1,708,200 6.00%, 12/01/2052 1,762,635
639,647 4.00%, 01/01/2053   605,897
943,696 4.50%, 01/01/2053   914,097
1,310,989 5.50%, 01/01/2053 1,327,099
412,119 6.00%, 01/01/2053   425,784
389,896 6.50%, 01/01/2053   403,089
682,662 5.50%, 02/01/2053 694,735
387,169 6.00%, 02/01/2053   400,925
225,302 7.00%, 02/01/2053   236,933
532,476 6.50%, 03/01/2053   551,643
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 1,903,114 5.00%, 04/01/2053   $    1,885,968
 1,281,664 5.50%, 04/01/2053       1,292,437
   559,422 6.00%, 04/01/2053         572,729
   190,519 6.50%, 04/01/2053         198,455
   397,886 4.00%, 05/01/2053         375,736
 1,382,509 5.00%, 05/01/2053     1,370,666
   789,524 5.50%, 05/01/2053         795,260
1,778,619 6.00%, 05/01/2053 1,832,406
709,415 6.50%, 05/01/2053 738,157
1,018,750 4.00%, 06/01/2053   961,734
1,664,528 5.00%, 06/01/2053   1,649,446
624,088 4.50%, 07/01/2053   603,162
792,625 5.00%, 07/01/2053 790,746
545,236 5.50%, 07/01/2053   553,003
962,102 6.00%, 07/01/2053 989,591
746,387 6.50%, 07/01/2053   773,030
4,641,145 5.50%, 08/01/2053 4,711,351
347,637 6.00%, 08/01/2053   359,922
542,513 6.50%, 08/01/2053 571,769
559,088 5.50%, 09/01/2053   569,370
2,161,571 6.00%, 09/01/2053 2,208,763
537,307 6.00%, 10/01/2053   550,632
1,296,827 6.50%, 10/01/2053 1,345,174
2,146,780 5.00%, 11/01/2053   2,124,104
954,369 5.50%, 11/01/2053   973,203
1,250,537 6.00%, 11/01/2053 1,292,617
2,178,083 6.50%, 11/01/2053 2,255,922
3,605,617 6.00%, 12/01/2053   3,697,067
1,217,302 6.50%, 12/01/2053   1,260,300
377,434 7.00%, 12/01/2053   397,020
213,531 7.50%, 12/01/2053   226,739
312,851 5.50%, 01/01/2054   315,019
1,036,618 6.50%, 01/01/2054   1,072,996
1,956,245 7.00%, 01/01/2054 2,070,060
106,198 7.50%, 01/01/2054   112,804
645,228 4.50%, 02/01/2054   624,549
1,036,146 6.50%, 02/01/2054   1,086,224
375,299 7.00%, 02/01/2054   394,337
178,131 7.50%, 02/01/2054   189,162
3,627,421 5.50%, 03/01/2054 3,665,971
631,024 6.50%, 03/01/2054   664,861
1,031,879 4.00%, 04/01/2054   974,122
567,049 7.00%, 06/01/2054   598,778
512,561 4.50%, 07/01/2054   494,900
4,067,841 6.00%, 08/01/2054   4,150,078
1,079,242 6.50%, 08/01/2054   1,115,760
7,805,723 6.00%, 09/01/2054 7,977,182
3,027,974 5.50%, 10/01/2054   3,043,711
7,571,306 5.00%, 11/01/2054   7,472,979
1,036,843 4.00%, 12/01/2054   981,366
1,396,445 4.50%, 12/01/2054   1,353,194
2,518,821 5.00%, 12/01/2054   2,486,045
3,596,063 5.50%, 12/01/2054   3,614,204
6,553,439 6.00%, 12/01/2054 6,681,116
1,698,189 5.00%, 01/01/2055 1,684,294
3,651,841 5.50%, 01/01/2055   3,670,243
1,544,931 6.50%, 01/01/2055   1,597,207
613,877 6.50%, 02/01/2055   634,649
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   898,836 6.00%, 03/01/2055   $      916,244
   628,591 6.50%, 04/01/2055         649,861
   540,095 7.00%, 06/01/2055         567,497
 2,093,524 6.00%, 08/01/2055       2,152,957
   283,758 4.00%, 09/01/2055         267,872
 1,144,400 6.50%, 09/01/2055       1,183,124
   528,181 7.00%, 10/01/2055         554,979
1,696,932 5.50%, 12/01/2055   1,705,460
5,998,817 5.50%, 01/01/2056   6,029,998
934,617 6.50%, 01/01/2056   966,796
  Federal National Mortgage Association Alternative Credit Enhancement Security  
  Series 2017-M4 Class A2  
628,353 2.56%, 12/25/2026(d)   621,419
  Series 2017-M5 Class A2  
330,641 3.02%, 04/25/2029(d)   321,348
  Series 2018-M12 Class A2  
314,926 3.65%, 08/25/2030(d)   308,260
  Series 2018-M14 Class A2  
1,316,535 3.58%, 08/25/2028(d)   1,300,241
  Series 2019-M1 Class A2  
1,408,480 3.56%, 09/25/2028(d)   1,390,890
  Series 2019-M22 Class A2  
1,748,522 2.52%, 08/25/2029   1,662,174
  Series 2020-M1 Class A2  
650,000 2.44%, 10/25/2029   613,798
  Series 2021-M12 Class 2A2  
1,000,000 2.13%, 05/25/2033(d)   847,316
  Government National Mortgage Association  
51,879 5.00%, 11/15/2033   52,528
10,599 5.50%, 12/15/2035   10,879
14,584 5.00%, 12/20/2035   14,807
30,114 6.00%, 01/20/2036   31,548
34,979 5.50%, 02/20/2036   36,094
200,532 2.50%, 05/20/2036   190,755
93,066 2.00%, 06/20/2036   86,091
133,475 2.00%, 12/20/2036   124,119
210,950 5.00%, 06/15/2039   215,353
69,878 4.00%, 05/20/2040   67,450
60,647 4.50%, 07/20/2040   60,142
59,030 4.50%, 09/20/2040   58,499
238,105 4.00%, 10/15/2040   227,326
372,336 4.50%, 07/20/2041   369,042
111,769 4.00%, 09/15/2041   107,240
23,964 4.50%, 12/20/2041   23,749
479,830 2.50%, 12/20/2042   426,829
133,702 3.00%, 02/15/2043   122,096
970,945 3.50%, 02/20/2043   914,211
538,185 3.50%, 09/20/2043   508,682
1,430,130 3.50%, 06/20/2044   1,344,499
534,916 3.50%, 10/20/2044   503,599
428,296 4.50%, 11/20/2044   423,294
568,061 4.00%, 02/20/2045   545,439
523,176 3.00%, 06/20/2045   474,818
742,543 3.50%, 07/20/2045   698,954
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   403,263 3.00%, 08/20/2045   $      365,119
   409,397 4.00%, 08/20/2045         389,228
   924,854 3.50%, 10/20/2045         870,560
   370,337 3.50%, 12/20/2045         348,156
   389,002 3.50%, 02/20/2046         366,170
   127,869 4.00%, 03/20/2046         122,540
   527,649 3.00%, 07/20/2046         478,364
488,150 3.00%, 08/20/2046   442,528
1,605,421 3.00%, 09/20/2046 1,453,004
1,328,506 3.50%, 10/20/2046   1,249,833
1,975,461 3.00%, 12/20/2046   1,787,749
717,838 3.50%, 12/20/2046   674,116
2,683,351 3.00%, 01/20/2047   2,432,290
861,519 4.50%, 02/20/2047   851,416
3,458,138 3.50%, 04/20/2047   3,251,518
389,445 4.00%, 06/20/2047   372,337
439,663 3.50%, 07/20/2047   413,029
470,447 3.50%, 08/20/2047   443,401
465,343 4.00%, 09/20/2047   439,564
338,240 4.50%, 11/15/2047   330,012
1,685,030 3.00%, 02/20/2048   1,522,970
273,248 4.00%, 02/20/2048   260,896
499,555 4.00%, 03/20/2048   476,883
421,524 4.50%, 03/20/2048   415,798
99,982 5.00%, 11/20/2048   100,873
1,913,255 4.00%, 12/20/2048   1,821,834
962,014 4.50%, 12/20/2048   946,568
352,453 4.00%, 02/20/2049   335,290
198,346 4.50%, 03/20/2049   195,041
696,556 3.50%, 04/20/2049   650,424
251,347 3.50%, 05/20/2049   235,268
1,424,561 4.00%, 05/20/2049 1,347,654
112,884 2.50%, 08/20/2049   97,911
420,061 3.50%, 09/20/2049   392,408
497,611 2.50%, 10/20/2049   430,864
1,266,447 3.00%, 10/20/2049   1,137,200
1,505,213 3.00%, 11/20/2049   1,347,831
107,483 5.00%, 11/20/2049   108,507
460,285 3.00%, 12/20/2049   412,311
1,031,758 3.00%, 01/20/2050   912,792
339,215 2.50%, 02/20/2050   293,024
797,418 3.00%, 02/20/2050   714,818
2,820,250 2.50%, 03/20/2050   2,437,558
1,285,581 3.50%, 04/20/2050   1,199,392
214,845 5.00%, 04/20/2050   216,885
1,458,589 2.50%, 06/20/2050   1,256,692
855,051 4.00%, 06/20/2050   811,675
611,243 3.00%, 07/20/2050   547,149
2,297,615 2.00%, 08/20/2050   1,899,142
4,966,749 2.50%, 08/20/2050   4,275,898
1,445,217 3.00%, 08/20/2050   1,294,625
1,632,197 3.50%, 08/20/2050   1,516,755
143,421 4.00%, 08/20/2050   135,227
340,239 2.50%, 09/20/2050   293,228
479,596 3.50%, 09/20/2050   446,899
3,275,254 2.00%, 10/20/2050   2,708,779
1,092,615 2.50%, 10/20/2050   941,312
2,234,190 3.00%, 10/20/2050   1,997,848
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 1,643,169 2.50%, 11/20/2050 $    1,423,635
   915,221 3.50%, 11/20/2050         854,147
 5,173,606 2.00%, 12/20/2050       4,276,353
 2,900,659 2.50%, 12/20/2050       2,497,173
 1,493,931 2.00%, 01/20/2051     1,226,096
   890,616 2.50%, 01/20/2051         767,549
   855,588 3.00%, 01/20/2051         767,772
600,538 4.00%, 01/20/2051   570,096
1,379,951 2.00%, 02/20/2051   1,140,628
101,039 2.50%, 02/20/2051   87,007
3,240,714 2.00%, 03/20/2051   2,678,681
2,677,361 2.50%, 03/20/2051   2,304,801
754,642 1.50%, 04/20/2051   597,827
1,608,429 2.00%, 04/20/2051   1,329,481
1,197,148 2.00%, 05/20/2051   989,528
835,259 2.50%, 05/20/2051   719,082
894,621 3.00%, 05/20/2051   799,253
1,753,155 2.50%, 06/20/2051   1,509,298
540,125 3.00%, 06/20/2051   482,635
354,150 3.50%, 06/20/2051   330,308
744,982 2.50%, 07/20/2051   641,316
596,841 3.00%, 07/20/2051   533,487
991,426 2.00%, 08/20/2051   819,484
600,640 2.50%, 08/20/2051   517,060
1,600,274 3.00%, 08/20/2051   1,429,683
4,176,353 2.00%, 09/20/2051   3,452,053
5,062,268 2.50%, 09/20/2051   4,359,684
1,003,428 2.00%, 10/20/2051   829,404
2,152,285 2.50%, 10/20/2051   1,852,892
992,624 3.00%, 10/20/2051   887,251
75,934 5.00%, 10/20/2051   76,001
2,085,839 2.00%, 11/20/2051   1,724,094
959,367 2.50%, 11/20/2051   825,913
1,445,357 3.00%, 11/20/2051   1,291,280
1,250,130 3.50%, 11/20/2051   1,158,244
4,780,616 2.00%, 12/20/2051   3,951,519
10,169,649 2.50%, 12/20/2051   8,754,958
8,140,303 2.00%, 01/20/2052   6,728,540
584,403 2.50%, 01/20/2052   503,110
1,545,676 3.00%, 01/20/2052   1,380,905
1,831,283 2.00%, 02/20/2052   1,513,685
820,926 2.50%, 02/20/2052   706,730
1,298,293 3.00%, 02/20/2052   1,159,893
3,432,847 2.00%, 03/20/2052   2,837,492
279,350 3.00%, 03/20/2052   249,571
974,476 3.50%, 03/20/2052   900,666
3,666,431 2.50%, 04/20/2052   3,156,405
2,527,995 3.00%, 04/20/2052   2,258,507
780,257 3.50%, 04/20/2052   722,607
1,703,358 4.00%, 04/20/2052   1,610,075
1,605,013 3.00%, 05/20/2052   1,433,916
1,312,160 3.50%, 05/20/2052   1,213,589
2,442,770 3.50%, 06/20/2052   2,259,265
2,130,832 4.00%, 06/20/2052   2,014,820
2,052,680 4.50%, 06/20/2052   1,999,543
1,485,078 3.50%, 07/20/2052   1,373,286
834,031 5.50%, 07/20/2052   846,311
219,495 4.50%, 08/20/2052   213,779
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,425,993 5.00%, 08/20/2052   $    2,421,428
   379,096 3.50%, 09/20/2052         349,795
 1,640,633 4.00%, 09/20/2052       1,552,381
 1,409,804 4.50%, 09/20/2052       1,372,873
   292,158 5.50%, 09/20/2052         297,055
 1,799,462 4.00%, 10/20/2052       1,704,656
 4,550,096 4.50%, 10/20/2052       4,433,008
1,181,787 5.00%, 10/20/2052   1,175,944
1,378,346 3.50%, 11/20/2052   1,274,373
721,773 4.00%, 11/20/2052   682,105
1,517,905 4.50%, 11/20/2052   1,477,675
441,343 5.00%, 11/20/2052   440,243
668,158 5.50%, 11/20/2052   678,728
271,277 4.50%, 12/20/2052   264,087
1,355,818 5.00%, 12/20/2052   1,348,629
966,132 5.50%, 12/20/2052   980,636
304,569 6.00%, 12/20/2052   312,153
1,022,893 4.00%, 01/20/2053   966,679
1,082,531 5.00%, 01/20/2053   1,079,506
1,419,690 6.00%, 01/20/2053   1,454,466
381,330 6.50%, 01/20/2053   397,857
955,153 4.00%, 02/20/2053   902,848
464,823 4.50%, 02/20/2053   452,043
205,079 5.50%, 02/20/2053   207,599
759,341 5.00%, 04/20/2053   755,064
3,046,922 5.50%, 04/20/2053   3,092,593
163,814 6.00%, 04/20/2053   167,628
263,768 6.50%, 04/20/2053   275,110
1,810,658 4.50%, 05/20/2053   1,759,330
2,597,999 5.00%, 05/20/2053   2,587,549
141,340 6.50%, 05/20/2053   147,174
288,759 3.00%, 06/20/2053   259,050
289,858 4.50%, 06/20/2053   281,366
199,619 5.00%, 06/20/2053   198,698
767,832 5.50%, 06/20/2053   778,876
387,715 6.50%, 06/20/2053   404,174
1,964,327 5.00%, 07/20/2053   1,953,598
1,859,191 5.50%, 07/20/2053   1,883,666
795,496 6.00%, 07/20/2053   813,699
399,617 6.50%, 07/20/2053   416,472
341,617 4.50%, 08/20/2053   331,925
325,312 5.00%, 08/20/2053   323,528
1,229,688 6.00%, 08/20/2053   1,258,194
2,697,931 5.50%, 09/20/2053   2,728,892
1,663,853 6.00%, 09/20/2053   1,699,227
137,865 6.50%, 09/20/2053   143,552
1,205,833 6.00%, 10/20/2053   1,227,935
157,097 6.50%, 10/20/2053   163,541
288,821 7.00%, 10/20/2053   300,678
81,006 7.50%, 10/20/2053   84,121
343,945 5.00%, 11/20/2053   342,606
282,122 6.50%, 11/20/2053   293,364
424,051 6.50%, 12/20/2053   440,972
314,536 7.00%, 12/20/2053   327,450
895,599 3.00%, 01/20/2054   803,641
1,483,813 5.50%, 01/20/2054   1,507,800
399,348 6.50%, 01/20/2054   415,600
1,948,534 4.50%, 04/20/2054   1,885,192
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   878,337 5.00%, 04/20/2054   $      872,381
   103,979 6.50%, 04/20/2054         108,183
   800,152 5.50%, 05/20/2054         810,194
   446,906 6.50%, 06/20/2054         466,591
 1,152,106 6.00%, 07/20/2054       1,173,665
   645,306 6.50%, 07/20/2054         671,161
 2,974,831 5.00%, 08/20/2054       2,950,695
567,643 6.00%, 08/20/2054   578,185
880,911 5.00%, 09/20/2054   873,674
2,216,756 5.50%, 09/20/2054   2,239,913
2,987,806 6.00%, 09/20/2054   3,042,871
237,445 6.50%, 09/20/2054   246,915
796,680 7.00%, 09/20/2054   828,245
1,040,612 4.00%, 10/20/2054   978,076
958,473 4.50%, 10/20/2054   927,166
2,858,209 5.00%, 10/20/2054   2,834,434
5,257,067 5.50%, 10/20/2054   5,299,013
1,456,647 6.00%, 10/20/2054   1,483,287
984,692 4.50%, 11/20/2054   953,134
2,875,536 5.00%, 11/20/2054   2,851,544
1,629,301 5.50%, 11/20/2054   1,645,121
981,592 6.50%, 11/20/2054   1,020,190
2,002,972 4.50%, 12/20/2054   1,937,547
4,369,403 5.00%, 12/20/2054   4,332,834
7,255,132 5.50%, 12/20/2054   7,323,245
4,180,589 6.00%, 12/20/2054   4,259,743
1,553,664 4.50%, 01/20/2055   1,502,928
954,128 5.00%, 01/20/2055   946,119
1,499,342 5.50%, 01/20/2055   1,510,905
291,110 6.00%, 01/20/2055   296,404
1,543,262 5.50%, 02/20/2055   1,555,164
897,947 6.00%, 03/20/2055   914,315
3,750,782 5.00%, 04/20/2055   3,719,007
1,921,476 5.50%, 06/20/2055   1,936,320
341,284 6.50%, 06/20/2055   354,670
2,644,395 5.00%, 07/20/2055   2,621,156
968,614 5.50%, 07/20/2055   975,898
897,915 6.00%, 07/20/2055   913,556
923,241 6.50%, 08/20/2055   959,454
390,615 6.00%, 09/20/2055   397,315
599,258 6.00%, 10/20/2055   610,425
117,832 7.00%, 10/20/2055   121,984
406,918 5.50%, 12/20/2055   409,841
178,246 6.50%, 12/20/2055   185,883
    1,200,457,303
TOTAL MORTGAGE-BACKED SECURITIES — 24.90%
(Cost $1,296,443,267) 		$1,230,569,851
MUNICIPAL BONDS AND NOTES
750,000 City of Houston Texas Combined Utility System Revenue Series B, RB
3.83%, 05/15/2028
749,351
2,000,000 Port of Morrow Oregon, RB
2.99%, 09/01/2036
1,705,610
Principal Amount   Fair Value
Municipal Bonds and Notes — (continued)
$   794,020 State of Illinois, GO
5.10%, 06/01/2033
$      808,795
   990,000 University of North Carolina at Chapel Hill, RB
3.85%, 12/01/2034
      954,030
TOTAL MUNICIPAL BONDS AND NOTES — 0.08%
(Cost $4,549,064) 		$4,217,786
U.S. GOVERNMENT AGENCY BONDS AND NOTES
  Federal Home Loan Bank  
 4,000,000 1.00%, 10/07/2026     3,943,253
 1,000,000 1.25%, 12/21/2026       982,245
5,000,000 3.25%, 11/16/2028 4,929,448
  Federal National Mortgage Association  
5,000,000 2.13%, 04/24/2026 4,994,574
4,000,000 0.88%, 08/05/2030 3,515,548
  Tennessee Valley Authority  
1,000,000 1.50%, 09/15/2031(a) 874,838
1,200,000 4.88%, 05/15/2035 1,233,208
1,000,000 4.25%, 09/15/2052 844,056
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.43%
(Cost $21,639,360) 		$21,317,170
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
39,310,000 0.50%, 04/30/2027 37,958,354
17,000,000 2.38%, 05/15/2027 16,733,047
18,000,000 3.88%, 05/31/2027 18,011,953
49,630,000 0.50%, 06/30/2027 47,640,923
35,000,000 3.25%, 06/30/2027 34,756,641
10,000,000 2.25%, 08/15/2027 9,789,063
27,860,000 3.75%, 08/15/2027 27,825,175
34,770,000 0.38%, 09/30/2027 33,030,141
12,600,000 3.50%, 09/30/2027 12,538,477
15,000,000 0.50%, 10/31/2027 14,236,523
12,900,000 4.13%, 11/15/2027 12,955,430
13,000,000 0.63%, 12/31/2027 12,299,727
15,000,000 4.25%, 01/15/2028 15,106,055
8,000,000 2.75%, 02/15/2028 7,846,562
26,000,000 1.13%, 02/29/2028 24,717,266
22,500,000 1.25%, 04/30/2028 21,353,027
18,800,000 2.88%, 05/15/2028 18,442,359
24,380,000 1.25%, 05/31/2028 23,088,622
18,030,000 1.25%, 06/30/2028 17,041,167
17,900,000 4.00%, 06/30/2028 17,974,816
36,500,000 1.00%, 07/31/2028 34,227,304
30,500,000 4.13%, 07/31/2028 30,709,688
6,500,000 3.63%, 08/15/2028 6,472,324
30,474,000 1.13%, 08/31/2028 28,593,183
31,000,000 4.63%, 09/30/2028 31,593,359
32,000,000 4.88%, 10/31/2028 32,816,250
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$22,000,000 3.13%, 11/15/2028 $   21,616,719
33,000,000 1.38%, 12/31/2028    30,909,140
28,500,000 4.00%, 01/31/2029    28,629,140
29,700,000 2.63%, 02/15/2029    28,734,750
37,000,000 2.38%, 03/31/2029    35,486,758
41,000,000 4.13%, 03/31/2029    41,341,132
29,500,000 2.38%, 05/15/2029    28,243,945
29,000,000 2.75%, 05/31/2029 28,059,765
18,500,000 3.25%, 06/30/2029 18,163,965
15,000,000 4.25%, 06/30/2029 15,181,641
24,600,000 4.00%, 07/31/2029 24,709,546
72,080,000 1.63%, 08/15/2029 67,076,635
28,500,000 3.13%, 08/31/2029 27,828,691
7,100,000 3.63%, 08/31/2029 7,045,641
12,000,000 4.00%, 10/31/2029 12,047,813
49,000,000 3.88%, 12/31/2029 48,967,461
4,000,000 4.38%, 12/31/2029 4,067,656
41,700,000 4.00%, 02/28/2030 41,858,004
34,500,000 3.88%, 04/30/2030 34,462,266
49,850,000 0.63%, 05/15/2030 43,665,484
11,500,000 3.75%, 06/30/2030 11,425,430
7,200,000 3.88%, 06/30/2030 7,189,031
48,678,000 0.63%, 08/15/2030 42,273,801
3,400,000 3.63%, 09/30/2030 3,357,633
66,020,000 0.88%, 11/15/2030 57,540,556
10,000,000 3.50%, 11/30/2030 9,816,016
20,000,000 3.75%, 12/31/2030 19,828,906
20,000,000 4.00%, 01/31/2031 20,040,625
4,680,000 3.50%, 02/28/2031 4,589,325
14,770,000 4.63%, 05/31/2031 15,207,907
13,000,000 4.25%, 06/30/2031 13,164,023
15,700,000 4.13%, 07/31/2031 15,801,805
19,300,000 1.25%, 08/15/2031 16,751,043
15,350,000 3.75%, 08/31/2031 15,159,324
7,200,000 3.63%, 09/30/2031 7,063,594
6,060,000 1.38%, 11/15/2031 5,255,156
7,000,000 4.50%, 12/31/2031 7,166,250
23,200,000 4.38%, 01/31/2032 23,595,125
8,500,000 1.88%, 02/15/2032 7,537,441
29,300,000 4.00%, 04/30/2032 29,191,269
15,800,000 2.88%, 05/15/2032 14,776,703
54,250,000 4.00%, 07/31/2032 53,976,631
5,000,000 2.75%, 08/15/2032 4,624,414
20,150,000 3.88%, 09/30/2032 19,887,105
1,290,000 3.88%, 12/31/2032 1,271,305
23,800,000 3.50%, 02/15/2033 22,900,063
60,560,000 3.38%, 05/15/2033 57,690,497
11,900,000 3.88%, 08/15/2033 11,681,988
17,200,000 4.50%, 11/15/2033 17,556,093
7,000,000 4.00%, 02/15/2034 6,904,844
17,070,000 4.38%, 05/15/2034 17,250,035
8,800,000 3.88%, 08/15/2034 8,576,219
12,620,000 4.25%, 11/15/2034 12,616,549
13,100,000 4.63%, 02/15/2035 13,440,805
19,490,000 4.25%, 05/15/2035 19,438,230
25,000,000 4.25%, 08/15/2035 24,906,250
11,430,000 4.00%, 11/15/2035 11,149,608
19,110,000 1.13%, 05/15/2040 12,037,807
Principal Amount   Fair Value
U.S. Treasury Bonds and Notes — (continued)
$15,300,000 1.13%, 08/15/2040 $    9,537,996
 7,500,000 1.38%, 11/15/2040     4,831,055
21,500,000 1.88%, 02/15/2041    14,894,629
35,901,000 1.75%, 08/15/2041    24,001,782
 4,000,000 2.00%, 11/15/2041     2,766,250
14,500,000 2.38%, 02/15/2042    10,566,309
19,000,000 3.25%, 05/15/2042    15,655,704
22,500,000 3.38%, 08/15/2042 18,793,652
22,500,000 3.13%, 02/15/2043 18,014,941
11,400,000 3.88%, 05/15/2043 10,103,695
7,900,000 4.75%, 11/15/2043 7,804,953
7,400,000 4.63%, 05/15/2044 7,176,555
23,100,000 4.13%, 08/15/2044 20,957,836
27,400,000 3.00%, 11/15/2044 20,980,266
1,900,000 4.63%, 11/15/2044 1,838,473
10,000,000 2.50%, 02/15/2045 7,012,891
14,320,000 4.75%, 02/15/2045 14,070,519
16,000,000 4.88%, 08/15/2045 15,947,500
5,000,000 4.63%, 11/15/2045 4,822,656
18,190,000 2.50%, 02/15/2046 12,549,679
4,500,000 3.00%, 02/15/2047 3,352,852
2,100,000 2.75%, 11/15/2047 1,481,238
10,700,000 1.38%, 08/15/2050 5,232,133
10,000,000 1.63%, 11/15/2050 5,217,578
12,500,000 1.88%, 02/15/2051 6,940,918
28,976,000 2.00%, 08/15/2051 16,497,078
15,290,000 1.88%, 11/15/2051 8,399,347
12,000,000 2.25%, 02/15/2052 7,231,875
16,500,000 2.88%, 05/15/2052 11,443,008
31,400,000 3.00%, 08/15/2052 22,320,985
21,500,000 3.63%, 02/15/2053 17,255,429
22,000,000 3.63%, 05/15/2053 17,640,391
16,500,000 4.13%, 08/15/2053 14,469,727
4,100,000 4.25%, 02/15/2054 3,672,703
3,800,000 4.63%, 05/15/2054 3,623,211
18,000,000 4.25%, 08/15/2054 16,121,250
12,700,000 4.50%, 11/15/2054 11,864,578
17,750,000 4.63%, 02/15/2055 16,929,756
17,600,000 4.75%, 05/15/2055 17,137,313
14,311,000 4.75%, 08/15/2055 13,946,517
14,960,000 4.63%, 11/15/2055 14,293,813
14,320,000 4.75%, 02/15/2056 13,966,475
TOTAL U.S. TREASURY BONDS AND NOTES — 47.14%
(Cost $2,431,226,407) 		$2,329,858,510
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER BOND INDEX FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
18,613,762 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(e), 3.60%(f) $   18,613,762
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.38%
(Cost $18,613,762) 		$18,613,762
Principal Amount    
SHORT TERM INVESTMENTS
U.S. Government Agency Bonds and Notes — 1.32%
$65,449,000 Federal Home Loan Bank(g)
3.55%, 04/01/2026 		   65,449,000
TOTAL SHORT TERM INVESTMENTS — 1.32%
(Cost $65,449,000) 		$65,449,000
TOTAL INVESTMENTS — 100.60%
(Cost $5,197,209,763) 		$4,972,593,694
OTHER ASSETS & LIABILITIES, NET — (0.60)% $(29,892,214)
TOTAL NET ASSETS — 100.00% $4,942,701,480
(a)  All or a portion of the security is on loan as of March 31, 2026.
(b)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $15,301,594, representing 0.31% of net assets.
(c)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(d)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(e)  Collateral received for securities on loan.
(f)  Rate shown is the 7-day yield as of March 31, 2026.
(g)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
GO  General Obligation Bonds
LP  Limited Partnership
RB  Revenue Bonds
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
ASSET-BACKED SECURITIES
Municipal Bonds And Notes — 0.04%
345,000 Louisiana Local Government Environmental Facilities & Community Development Authority, RB
4.28%, 02/01/2036   		$    338,934
Non-Agency — 8.09%
495,000 Affirm Asset Securitization Trust(b)
Series 2024-B Class A
4.62%, 09/15/2029   		    495,948
  AGL Ltd(b)(c)  
  Series 2024-34A Class A1  
1,625,000 5.01%, 01/22/2038
3-mo. SOFR + 1.34% 		  1,625,098
  Series 2025-44A Class A  
1,500,000 4.98%, 10/22/2037
3-mo. SOFR + 1.15% 		1,494,000
255,000 Aligned Data Centers Issuer LLC(b)
Series 2023-1A Class A2
6.00%, 08/17/2048   		256,196
925,000 American Express Credit Account Master Trust
Series 2025-3 Class A
4.51%, 04/15/2032   		934,026
195,000 AMSR Trust(b)
Series 2024-SFR2 Class A
4.15%, 11/17/2041   		190,337
100,000 Amur Equipment Finance Receivables XIII LLC(b)
Series 2024-1A Class B
5.37%, 01/21/2031   		101,493
290,000 Amur Equipment Finance Receivables XV LLC(b)
Series 2025-1A Class B
5.18%, 11/20/2031   		294,407
250,000 Ares European XXI Designated Activity Co(b)(c)
Series 21A Class B
EUR, 3.72%, 04/15/2038
3-mo. EURIBOR + 1.70% 		286,545
500,000 Arini European VII Designated Activity Co(b)(c)
Series 7A Class B
EUR, 3.90%, 01/15/2039
3-mo. EURIBOR + 1.80% 		575,136
191,045 Auxilior Term Funding LLC(b)
Series 2024-1A Class A3
5.49%, 07/15/2031   		193,444
245,000 Avis Budget Rental Car Funding AESOP LLC(b)
Series 2024-3A Class A
5.23%, 12/20/2030   		249,056
1,275,000 Bain Capital Credit Ltd(b)(c)
Series 2019-1A Class BR3
5.06%, 04/19/2034
3-mo. SOFR + 1.40% 		1,274,498
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Barclays Dryrock Issuance Trust  
  Series 2023-1 Class A  
1,100,000 4.72%, 02/15/2029   $  1,100,217
  Series 2025-1 Class A  
725,000 3.97%, 07/15/2031       722,020
455,000 Battalion XXV Ltd(b)(c)
Series 2024-25A Class B
5.87%, 03/13/2037
3-mo. SOFR + 2.20% 		    455,000
275,000 Benefit Street Partners XXXI Ltd(b)(c)
Series 2023-31A Class BR
5.42%, 04/25/2038
3-mo. SOFR + 1.75% 		    275,588
410,000 BlueMountain XXIV Ltd(b)(c)
Series 2019-24A Class AR
5.03%, 04/20/2034
3-mo. SOFR + 1.36% 		409,586
375,000 Bridgecrest Lending Auto Securitization Trust
Series 2025-4 Class B
4.30%, 08/15/2031   		374,248
  Carlyle Global Market Strategies Ltd(b)(c)  
  Series 2021-1A Class A1AR  
550,000 5.04%, 01/15/2040
3-mo. SOFR + 1.37% 		550,315
  Series 2021-8A Class A1R  
1,125,000 4.94%, 10/15/2038
3-mo. SOFR + 1.27% 		1,125,341
  Series 2022-3A Class A1R2  
1,890,000 4.83%, 04/20/2039
3-mo. SOFR + 1.16% 		1,885,850
  Series 2025-3A Class A  
1,350,000 5.05%, 07/25/2038
3-mo. SOFR + 1.38% 		1,351,716
64,522 Cascade MH Asset Trust(b)
Series 2021-MH1 Class A1
1.75%, 02/25/2046   		58,857
  CBAMR Ltd(b)(c)  
  Series 2017-4A Class A1R  
1,400,000 5.09%, 03/31/2038
3-mo. SOFR + 1.42% 		1,401,644
  Series 2020-12A Class A1R2  
890,000 4.92%, 01/20/2039
3-mo. SOFR + 1.25% 		892,608
520,000 CCG Receivables Trust(b)
Series 2025-2 Class B
4.58%, 08/15/2034   		519,823
435,000 Cedar Funding IX Ltd(b)(c)
Series 2018-9A Class AR
5.09%, 07/20/2037
3-mo. SOFR + 1.42% 		435,181
  CF Hippolyta Issuer LLC(b)  
  Series 2020-1 Class A1  
106,588 1.69%, 07/15/2060   89,305
  Series 2020-1 Class A2  
85,412 1.99%, 07/15/2060   69,464
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-1A Class A1  
92,453 1.53%, 03/15/2061   $     74,367
  Series 2022-1A Class A1  
96,102 5.97%, 08/15/2062        95,498
625,000 Citibank Credit Card Issuance Trust
Series 2025-A2 Class A
4.49%, 06/21/2032   		    631,329
85,389 Commercial Equipment Finance LLC(b)
Series 2024-1A Class A
5.97%, 07/16/2029   		     85,899
172,609 COOPR Residential Mortgage Trust(b)(d)
Series 2026-CES1 Class A1A
4.87%, 01/01/2061   		    171,162
425,000 Credit Acceptance Auto Loan Trust(b)
Series 2024-2A Class B
6.11%, 08/15/2034   		433,889
600,000 CVC Cordatus Loan Fund III Designated Activity Co(b)(c)
Series 3A Class B1R3
EUR, 3.69%, 05/26/2038
3-mo. EURIBOR + 1.65% 		687,186
510,347 DB Master Finance LLC(b)
Series 2021-1A Class A23
2.79%, 11/20/2051   		451,170
  Domino's Pizza Master Issuer LLC(b)  
  Series 2019-1A Class A2  
100,800 3.67%, 10/25/2049   96,792
  Series 2021-1A Class A2I  
515,425 2.66%, 04/25/2051   487,709
255,000 Elmwood Ltd(b)(c)
Series 2023-2A Class BR
5.42%, 04/16/2036
3-mo. SOFR + 1.75% 		255,119
  Exeter Automobile Receivables Trust  
  Series 2025-1A Class A3  
119,021 4.67%, 08/15/2028   119,141
  Series 2025-3A Class A3  
550,000 4.78%, 07/16/2029   552,134
  Series 2025-4A Class B  
170,000 4.40%, 05/15/2030   169,807
500,000 Fidelity Grand Harbour Designated Activity Co(b)(c)
2023-1A Class B1R
EUR, 3.73%, 02/15/2038
3-mo. EURIBOR + 1.75% 		573,841
144,313 FIGRE Trust (b)(e)
Series 2026-HE1 Class A
4.98%, 01/25/2056   		143,127
  FirstKey Homes Trust(b)  
  Series 2022-SFR1 Class A  
138,789 4.15%, 05/19/2039   138,193
  Series 2022-SFR2 Class A  
486,073 4.25%, 07/17/2039   483,743
Principal Amount(a)   Fair Value
Non-Agency — (continued)
625,000 Ford Credit Auto Owner Trust(b)(d)
Series 2024-1 Class A
4.87%, 08/15/2036   		$    634,046
380,000 GLS Auto Receivables Issuer Trust(b)
Series 2025-1A Class B
4.98%, 07/16/2029   		    382,567
130,000 GM Financial Revolving Receivables Trust(b)
Series 2024-1 Class B
5.23%, 12/11/2036   		    132,469
500,000 GMF Floorplan Owner Revolving Trust(b)
Series 2023-1 Class A1
5.34%, 06/15/2028   		    501,432
900,000 GoldenTree Loan Management US Ltd(b)
Series 2026-29A Class A
4.90%, 04/20/2039
3-mo. SOFR + 1.23% 		    900,000
80,000 GreatAmerica Leasing Receivables Funding LLC(b)
Series 2024-1 Class B
5.18%, 12/16/2030   		     81,065
410,000 GreenSky Home Improvement Issuer Trust(b)
Series 2025-3A Class B
4.66%, 12/27/2060   		    409,260
500,000 Harvest Designated Activity Co(b)(c)
Series 37A Class B
EUR, 3.96%, 01/15/2039
3-mo. EURIBOR + 1.85% 		575,034
190,000 Hertz Vehicle Financing III LLC(b)
Series 2025-2A Class A
5.13%, 09/25/2031   		191,447
526,074 Honda Auto Receivables Owner Trust
Series 2023-4 Class A3
5.67%, 06/21/2028   		530,646
96,286 JPMorgan Mortgage Trust(b)(c)
Series 2023-HE3 Class A1
5.27%, 05/20/2054
1-mo. SOFR + 1.60% 		96,426
2,425,000 Madison Park Funding LXV Ltd(b)(c)
Series 2025-65A Class A1
4.97%, 07/16/2038
3-mo. SOFR + 1.30% 		2,426,695
1,600,000 Magnetite XLVII Ltd(b)(c)
Series 2024-47A Class A
5.00%, 01/25/2038
3-mo. SOFR + 1.33% 		1,601,901
  Navient Private Education Refi Loan Trust(b)  
  Series 2021-EA Class A  
105,411 0.97%, 12/16/2069   94,328
  Series 2021-FA Class A  
144,394 1.11%, 02/18/2070   128,740
  Series 2023-A Class A  
175,921 5.51%, 10/15/2071   177,903
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
71,353 Nissan Auto Receivables Owner Trust
Series 2023-B Class A3
5.93%, 03/15/2028   		$     71,777
  OHA Credit Funding Ltd(b)(c)  
  Series 2021-10RA Class A1  
1,450,000 4.93%, 07/18/2037
3-mo. SOFR + 1.26% 		  1,450,218
  Series 2023-15RA Class A  
2,350,000 4.96%, 07/20/2038
3-mo. SOFR + 1.29% 		  2,351,285
810,000 Palmer Square Loan Funding Ltd(b)(c)
Series 2024-1A Class A2R
4.81%, 10/15/2032
3-mo. SOFR + 1.15% 		    809,038
600,000 Penta Designated Activity Co(b)(c)
2021-2A Class BR
EUR, 3.67%, 04/15/2038
3-mo. EURIBOR + 1.65% 		689,088
1,800,000 Pikes Peak (b)(c)
Series 2025-19A Class A1
5.01%, 07/20/2038
3-mo. SOFR + 1.34% 		1,800,767
130,000 Prestige Auto Receivables Trust(b)
Series 2024-2A Class B
4.56%, 02/15/2029   		129,925
  Progress Residential Trust(b)  
  Series 2022-SFR3 Class A  
132,833 3.20%, 04/17/2039   130,889
  Series 2022-SFR4 Class A  
373,320 4.44%, 05/17/2041   368,844
  Series 2022-SFR5 Class A  
99,857 4.45%, 06/17/2039   99,410
  Series 2022-SFR7 Class A  
165,614 4.75%, 10/27/2039   165,487
  Series 2023-SFR1 Class A  
210,414 4.30%, 03/17/2040   208,657
  Series 2024-SFR2 Class A  
217,493 3.30%, 04/17/2041   208,553
  Series 2025-SFR1 Class A  
373,102 3.40%, 02/17/2042   355,128
  Series 2026-SFR1 Class B  
260,000 4.00%, 02/17/2043   246,810
595,000 RAD Ltd(b)(c)
Series 2021-12A Class A1AR
4.99%, 07/30/2040
3-mo. SOFR + 1.32% 		594,381
  Retained Vantage Data Centers Issuer LLC(b)  
  Series 2023-1A Class A2A  
455,000 5.00%, 09/15/2048   453,708
  Series 2024-1A Class A2  
255,000 4.99%, 09/15/2049   247,930
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  RR Ltd(b)(c)  
  Series 2022-23A Class A2R2  
540,000 5.32%, 07/15/2037
3-mo. SOFR + 1.65% 		$    541,057
  Series 2023-26A Class A2R  
250,000 5.17%, 04/15/2038
3-mo. SOFR + 1.50% 		    247,703
75,000 Sabey Data Center Issuer LLC(b)
Series 2024-1 Class A2
6.00%, 04/20/2049   		     75,444
467,643 Santander Drive Auto Receivables Trust
Series 2025-1 Class A3
4.74%, 01/16/2029   		    468,484
125,000 SCF Equipment Leasing LLC(b)
Series 2024-1A Class A3
5.52%, 01/20/2032   		127,026
1,300,000 Sculptor XXXIV Ltd(b)(c)
Series 34A Class A1
5.04%, 01/20/2038
3-mo. SOFR + 1.37% 		1,299,965
  Securitized Term Auto Receivables Trust(b)  
  Series 2025-A Class B  
54,624 5.04%, 07/25/2031   54,997
  Series 2025-B Class B  
213,663 4.93%, 12/29/2032   215,074
535,000 Sound Point Euro Funding Designated Activity Co(b)(c)
Series 14A Class B
EUR, 3.63%, 04/20/2039
3-mo. EURIBOR + 1.60% 		610,275
  Stack Infrastructure Issuer LLC(b)  
  Series 2023-2A Class A2  
260,000 5.90%, 07/25/2048   260,594
  Series 2024-1A Class A2  
150,000 5.90%, 03/25/2049   151,152
178,990 Stream Innovations Issuer Trust(b)
Series 2025-1A Class A
5.05%, 09/15/2045   		179,561
85,866 Sunnova Hestia I Issuer LLC(b)
Series 2023-GRID1 Class 1A
5.75%, 12/20/2050   		83,992
1,350,000 Symphony Ltd(b)(c)
Series 2025-52A Class AR
4.82%, 01/20/2036
3-mo. SOFR + 1.15% 		1,347,337
1,000,000 Symphony XXV Ltd(b)(c)
Series 2021-25A Class AR
4.72%, 04/19/2034
3-mo. SOFR + 1.05% 		998,258
437,213 Taco Bell Funding LLC(b)
Series 2021-1A Class A23
2.54%, 08/25/2051   		379,928
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
310,000 Texas Debt Capital Ltd(b)(c)
Series 2023-1A Class BR
5.32%, 07/20/2038
3-mo. SOFR + 1.65% 		$    310,181
  Tricon Residential Trust(b)  
  Series 2024-SFR1 Class A  
119,830 4.65%, 04/17/2041       118,552
  Series 2024-SFR4 Class A  
291,203 4.30%, 11/17/2041       285,295
  Series 2025-SFR1 Class A  
286,540 4.77%, 03/17/2042(c)
1-mo. SOFR + 1.10% 		286,002
  Series 2026-SFR1 Class A  
493,796 4.77%, 02/17/2043(c)
1-mo. SOFR + 1.10% 		493,796
610,000 Trinitas XX Ltd(b)(c)
Series 2022-20A Class A1R
4.71%, 07/20/2035
3-mo. SOFR + 1.04% 		608,102
  Vantage Data Centers LLC(b)  
  Series 2024-1A Class A2  
540,000 5.10%, 09/15/2054   530,927
  Series 2025-1A Class A2  
1,205,000 5.13%, 08/15/2055   1,178,910
300,000 VB-S1 Issuer LLC(b)
Series 2024-1A Class C2
5.59%, 05/15/2054   		302,150
90,279 VFI ABS LLC(b)
Series 2025-1A Class A
4.78%, 06/24/2030   		90,560
1,500,000 Warwick Capital Ltd(b)(c)
Series 2023-1A Class AR
4.95%, 10/20/2038
3-mo. SOFR + 1.28% 		1,497,023
  Wendy's Funding LLC(b)  
  Series 2018-1A Class A2II  
178,853 3.88%, 03/15/2048   175,461
  Series 2019-1A Class A2II  
144,768 4.08%, 06/15/2049   139,174
408,775 Wingstop Funding LLC(b)
Series 2020-1A Class A2
2.84%, 12/05/2050   		395,668
1,500,000 Wise Ltd(b)(c)
Series 2023-2A Class A1R
4.77%, 04/15/2039
3-mo. SOFR + 1.10% 		1,502,184
2,050,000 Wonder Lake Park Ltd(b)(c)
Series 2025-1A Class A
4.96%, 07/24/2038
3-mo. SOFR + 1.29% 		2,050,879
365,000 Zayo Issuer LLC(b)
Series 2025-1A Class A2
5.65%, 03/20/2055   		368,340
    61,956,958
TOTAL ASSET-BACKED SECURITIES — 8.13%
(Cost $62,155,882) 		$62,295,892
Principal Amount(a)   Fair Value
CORPORATE BONDS AND NOTES
Basic Materials — 0.18%
  BHP Billiton Finance USA Ltd  
     45,000 5.13%, 02/21/2032 $     45,931
     95,000 4.90%, 02/28/2033      95,161
  Glencore Funding LLC(b)  
    375,000 5.37%, 04/04/2029     382,798
    120,000 6.38%, 10/06/2030     127,300
425,000 2.63%, 09/23/2031 378,744
75,000 6.50%, 10/06/2033 81,156
75,000 5.63%, 04/04/2034 76,760
220,000 POSCO
5.75%, 01/17/2028
224,392
    1,412,242
Communications — 2.55%
525,000 Airbnb Inc
5.25%, 03/16/2036
525,532
  Alphabet Inc  
1,625,000 4.10%, 11/15/2030 1,613,923
295,000 5.35%, 11/15/2045 288,448
465,000 5.30%, 05/15/2065 430,418
80,000 5.75%, 02/15/2066 79,227
315,000 5.70%, 11/15/2075 305,288
665,000 Amazon.com Inc
5.95%, 03/13/2066
667,180
939,000 AppLovin Corp
5.50%, 12/01/2034
931,226
690,000 AT&T Inc
4.35%, 03/01/2029
690,618
420,000 British Telecommunications PLC
9.63%, 12/15/2030
501,649
  Charter Communications Operating LLC / Charter Communications Operating Capital  
325,000 3.75%, 02/15/2028 319,319
85,000 6.65%, 02/01/2034 88,666
210,000 6.55%, 06/01/2034 218,012
340,000 6.38%, 10/23/2035 345,264
110,000 3.50%, 03/01/2042 75,299
115,000 5.75%, 04/01/2048 95,910
135,000 5.13%, 07/01/2049 103,650
100,000 3.85%, 04/01/2061 58,401
85,000 4.40%, 12/01/2061 54,593
  Comcast Corp  
418,000 5.30%, 06/01/2034 424,314
60,000 3.40%, 07/15/2046 40,921
80,000 3.97%, 11/01/2047 58,868
2,000 4.00%, 11/01/2049 1,450
195,000 2.80%, 01/15/2051 111,550
463,000 2.89%, 11/01/2051 267,644
226,000 2.94%, 11/01/2056 125,196
  Cox Communications Inc(b)  
70,000 2.60%, 06/15/2031 61,985
55,000 5.45%, 09/01/2034 52,786
215,000 5.95%, 09/01/2054 187,573
142,000 Expedia Group Inc
3.25%, 02/15/2030
134,181
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Communications — (continued)
  Meta Platforms Inc  
    575,000 3.50%, 08/15/2027 $    570,778
    700,000 4.20%, 11/15/2030     693,208
  1,375,000 4.88%, 11/15/2035   1,348,932
      5,000 5.50%, 11/15/2045       4,732
     45,000 5.63%, 11/15/2055      42,183
    395,000 5.55%, 08/15/2064     355,009
435,000 5.75%, 11/15/2065 404,030
  Netflix Inc  
390,000 5.88%, 11/15/2028 405,741
805,000 5.38%, 11/15/2029(b) 831,377
400,000 Orange SA(b)
4.25%, 01/13/2031
392,373
  Paramount Global  
345,000 4.38%, 03/15/2043 208,645
482,000 5.85%, 09/01/2043 334,637
275,000 4.95%, 05/19/2050 164,167
915,000 Rogers Communications Inc
3.20%, 03/15/2027
903,697
  Time Warner Cable LLC  
80,000 6.55%, 05/01/2037 80,656
200,000 4.50%, 09/15/2042 150,190
  T-Mobile USA Inc  
444,000 3.75%, 04/15/2027 441,252
100,000 2.05%, 02/15/2028 95,917
120,000 2.40%, 03/15/2029 113,224
145,000 2.55%, 02/15/2031 131,763
300,000 2.88%, 02/15/2031 276,637
300,000 3.50%, 04/15/2031 283,734
550,000 5.20%, 01/15/2033 559,842
55,000 3.00%, 02/15/2041 40,212
  Uber Technologies Inc  
350,000 4.50%, 08/15/2029(b) 347,035
285,000 4.80%, 09/15/2035 276,551
  Verizon Communications Inc  
890,000 4.33%, 09/21/2028 890,264
350,000 2.55%, 03/21/2031 317,754
    19,523,631
Consumer, Cyclical — 1.34%
  AutoNation Inc  
75,000 1.95%, 08/01/2028 70,533
500,000 4.75%, 06/01/2030 496,447
  Choice Hotels International Inc  
516,000 3.70%, 01/15/2031 484,206
193,000 5.85%, 08/01/2034 194,645
  Ford Motor Credit Co LLC  
372,000 5.85%, 05/17/2027 374,740
2,610,000 5.42%, 04/09/2031 2,563,098
  General Motors Financial Co Inc  
125,000 2.70%, 08/20/2027 121,810
925,000 5.95%, 04/04/2034 950,449
100,000 Home Depot Inc
3.25%, 04/15/2032
93,342
630,000 Hyatt Hotels Corp
5.50%, 06/30/2034
636,318
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
360,000 Hyundai Capital America(b)
6.20%, 09/21/2030
$    377,261
  Las Vegas Sands Corp  
    200,000 5.63%, 06/15/2028     202,604
     70,000 6.00%, 06/14/2030      71,998
170,000 Lennar Corp
4.75%, 11/29/2027
    170,261
  Lowe's Cos Inc  
     75,000 3.10%, 05/03/2027      74,105
250,000 1.70%, 09/15/2028 234,948
  Marriott International Inc  
275,000 5.00%, 10/15/2027 277,477
167,000 4.88%, 05/15/2029 168,896
675,000 2.85%, 04/15/2031 618,096
340,000 4.50%, 05/01/2033 328,514
65,000 O'Reilly Automotive Inc
5.00%, 08/19/2034
64,281
1,470,000 Royal Caribbean Cruises Ltd
5.25%, 02/27/2038
1,398,433
225,000 Starbucks Corp
4.00%, 11/15/2028
223,167
75,000 Tapestry Inc
5.50%, 03/11/2035
75,129
    10,270,758
Consumer, Non-Cyclical — 4.28%
28,000 AbbVie Inc
4.25%, 11/21/2049
22,730
  Adventist Health System  
1,025,000 4.74%, 12/01/2030 1,015,029
175,000 5.76%, 12/01/2034 180,183
675,000 Alcon Finance Corp(b)
3.00%, 09/23/2029
641,341
  Amgen Inc  
457,000 5.25%, 03/02/2030 469,265
370,000 5.25%, 03/02/2033 379,704
  Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc  
352,000 4.70%, 02/01/2036 342,838
330,000 4.90%, 02/01/2046 297,387
25,000 Anheuser-Busch InBev Worldwide Inc
8.20%, 01/15/2039
31,418
480,000 Ascension Health
4.92%, 11/15/2035
474,275
  Ashtead Capital Inc(b)  
200,000 1.50%, 08/12/2026 197,731
377,000 5.80%, 04/15/2034 384,346
150,000 Augusta SpinCo Corp
4.66%, 03/23/2031
149,313
100,000 Bacardi Ltd / Bacardi-Martini BV(b)
5.40%, 06/15/2033
99,007
800,000 Bacardi-Martini BV(b)
5.55%, 02/01/2030
816,575
  BAT Capital Corp  
120,000 5.83%, 02/20/2031 125,577
786,000 6.00%, 02/20/2034 830,760
1,260,000 5.63%, 08/15/2035 1,295,861
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
     14,000 4.54%, 08/15/2047 $     11,367
150,000 Bristol-Myers Squibb Co
2.95%, 03/15/2032
    137,483
231,000 Bunge Ltd Finance Corp
4.20%, 09/17/2029
    228,815
  Campbell's Co  
    511,000 5.40%, 03/21/2034     495,934
    167,000 4.75%, 03/23/2035(f)     153,745
  Cardinal Health Inc  
380,000 5.00%, 11/15/2029 385,714
375,000 4.50%, 09/15/2030 373,018
  Cencora Inc  
175,000 3.45%, 12/15/2027 172,355
736,000 2.70%, 03/15/2031 671,187
  Centene Corp  
275,000 2.50%, 03/01/2031 230,767
115,000 2.63%, 08/01/2031 96,156
200,000 Chapman University
2.07%, 04/01/2031
174,715
  Cigna Group  
450,000 5.13%, 05/15/2031 459,267
325,000 4.80%, 08/15/2038 305,563
169,000 Coca-Cola Consolidated Inc
5.45%, 06/01/2034
173,245
  CommonSpirit Health  
350,000 4.35%, 09/01/2030 344,679
535,000 4.98%, 09/01/2035 522,036
440,000 6.46%, 11/01/2052 467,040
  Constellation Brands Inc  
140,000 3.60%, 02/15/2028(f) 137,973
250,000 2.25%, 08/01/2031 220,515
820,000 Cornell University
4.73%, 06/15/2035
812,691
50,000 CSL Finance PLC(b)
3.85%, 04/27/2027
49,726
  CVS Health Corp  
393,000 4.78%, 03/25/2038 362,164
121,000 4.13%, 04/01/2040 101,002
480,000 DP World Crescent Ltd(b)
5.50%, 05/08/2035
471,049
370,000 Element Fleet Management Corp(b)
4.64%, 11/24/2030
364,783
905,000 Elevance Health Inc
4.60%, 09/15/2032
891,335
60,000 GE HealthCare Technologies Inc
5.50%, 06/15/2035
61,226
175,000 General Mills Inc
4.20%, 04/17/2028
174,088
525,000 Global Payments Inc
5.55%, 11/15/2035
505,910
775,000 Haleon US Capital LLC
3.38%, 03/24/2027
767,422
  HCA Inc  
700,000 4.50%, 02/15/2027 700,001
220,000 3.50%, 09/01/2030 208,921
620,000 5.45%, 04/01/2031 635,499
  Humana Inc  
162,000 5.95%, 03/15/2034 165,205
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
     85,000 5.55%, 05/01/2035 $     84,049
  Icon Investments Six Designated Activity Co  
    400,000 5.85%, 05/08/2029     407,846
    200,000 6.00%, 05/08/2034     202,600
  J M Smucker Co  
    321,000 5.90%, 11/15/2028     332,008
    197,000 6.20%, 11/15/2033     208,737
  JBS NV / JBS USA Foods Group Holdings Inc / JBS USA Food Co Holdings  
85,000 5.75%, 04/01/2033 87,740
210,000 6.75%, 03/15/2034 230,968
145,000 5.50%, 01/15/2036 145,067
105,000 5.63%, 03/10/2037(b) 104,832
100,000 7.25%, 11/15/2053 110,018
65,000 6.25%, 03/01/2056 63,720
465,000 6.38%, 04/15/2066 456,287
225,000 JDE Peet's NV(b)
1.38%, 01/15/2027
219,430
200,000 Kaiser Foundation Hospitals
2.81%, 06/01/2041
145,093
  Keurig Dr Pepper Inc  
425,000 4.60%, 05/25/2028 424,870
120,000 3.95%, 04/15/2029 117,555
10,000 3.20%, 05/01/2030 9,376
195,000 4.60%, 05/15/2030 192,971
408,000 2.25%, 03/15/2031 360,391
102,000 5.20%, 03/15/2031 103,118
190,000 4.05%, 04/15/2032 179,747
205,000 5.30%, 03/15/2034 203,253
40,000 5.15%, 05/15/2035 38,985
151,000 Laboratory Corp of America Holdings
4.80%, 10/01/2034
147,022
  Mars Inc(b)  
120,000 4.60%, 03/01/2028 120,723
815,000 4.80%, 03/01/2030 823,577
720,000 5.00%, 03/01/2032 728,549
515,000 5.20%, 03/01/2035 519,903
650,000 5.65%, 05/01/2045 641,886
315,000 Northwestern Memorial Healthcare Obligated Group
1.77%, 07/15/2031
276,153
325,000 PeaceHealth Obligated Group
4.34%, 11/15/2028
323,439
587,000 Pernod Ricard International Finance LLC(b)
1.63%, 04/01/2031
507,083
  Philip Morris International Inc  
250,000 4.38%, 11/01/2027 250,610
35,000 5.13%, 11/17/2027 35,469
45,000 4.88%, 02/15/2028 45,460
270,000 5.13%, 02/15/2030 275,492
165,000 5.13%, 02/13/2031 168,758
80,000 4.75%, 11/01/2031 80,364
230,000 5.38%, 02/15/2033 236,381
130,000 5.63%, 09/07/2033 135,636
305,000 Quanta Services Inc
5.25%, 08/09/2034
306,827
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
  Royalty Pharma PLC  
    341,000 5.40%, 09/02/2034 $    343,812
    135,000 5.20%, 09/25/2035     133,236
  Solventum Corp  
    206,000 5.40%, 03/01/2029     210,735
    360,000 5.45%, 03/13/2031     369,349
    260,000 5.60%, 03/23/2034     265,801
50,000 Sysco Corp
4.45%, 03/15/2048
39,458
  Thermo Fisher Scientific Inc  
50,000 1.75%, 10/15/2028 47,082
564,000 4.47%, 10/07/2032 558,084
  UnitedHealth Group Inc  
475,000 5.00%, 04/15/2034 475,372
125,000 3.05%, 05/15/2041 92,663
200,000 5.88%, 02/15/2053 196,973
61,000 5.05%, 04/15/2053 53,661
280,000 Viatris Inc
4.00%, 06/22/2050
183,514
    32,807,669
Energy — 0.94%
115,000 BP Capital Markets America Inc
1.75%, 08/10/2030
102,878
135,000 Cheniere Energy Partners LP
5.95%, 06/30/2033
141,522
  Columbia Pipelines Holding Co LLC(b)  
115,000 5.00%, 11/17/2032 114,243
30,000 5.68%, 01/15/2034 30,696
425,000 Columbia Pipelines Operating Co LLC(b)
6.04%, 11/15/2033
447,808
  ConocoPhillips Co  
173,000 3.80%, 03/15/2052 126,384
115,000 4.03%, 03/15/2062 82,840
120,000 5.70%, 09/15/2063 115,488
90,000 5.65%, 01/15/2065 85,580
  Diamondback Energy Inc  
295,000 5.40%, 04/18/2034 299,483
290,000 5.90%, 04/18/2064 274,409
131,000 Energy Transfer LP
5.00%, 05/15/2050
108,714
175,000 Enterprise Products Operating LLC
5.20%, 01/15/2036
175,939
190,000 Equinor ASA
3.63%, 04/06/2040
158,705
331,075 Galaxy Pipeline Assets Bidco Ltd
2.94%, 09/30/2040
267,684
  MPLX LP  
35,000 4.13%, 03/01/2027 34,910
75,000 4.25%, 12/01/2027 74,780
90,000 4.80%, 02/15/2031 90,206
330,000 5.00%, 01/15/2033 327,579
360,000 5.50%, 06/01/2034 363,705
50,000 4.50%, 04/15/2038 44,931
Principal Amount(a)   Fair Value
Energy — (continued)
121,000 Occidental Petroleum Corp
7.88%, 09/15/2031
$    137,369
  ONEOK Inc  
    125,000 4.75%, 10/15/2031     123,672
     40,000 6.10%, 11/15/2032      42,139
    115,000 6.05%, 09/01/2033     120,592
    320,000 5.05%, 11/01/2034     311,263
    175,000 5.40%, 10/15/2035     173,844
25,000 6.63%, 09/01/2053 25,655
200,000 Pertamina Persero PT
3.10%, 01/21/2030
185,703
550,000 Plains All American Pipeline LP / PAA Finance Corp
3.80%, 09/15/2030
529,964
60,000 Sabine Pass Liquefaction LLC
4.20%, 03/15/2028
59,751
  Saudi Arabian Oil Co  
200,000 5.75%, 07/17/2054 183,661
400,000 6.00%, 02/02/2056(b) 376,752
  Targa Resources Corp  
120,000 4.35%, 04/15/2031 117,475
155,000 4.20%, 02/01/2033 146,744
255,000 5.40%, 07/30/2036 253,138
115,000 Targa Resources Partners LP / Targa Resources Partners Finance Corp
4.00%, 01/15/2032
108,986
  TotalEnergies Capital SA  
210,000 5.64%, 04/05/2064 201,511
85,000 5.43%, 09/10/2064 79,034
  Williams Cos Inc  
365,000 5.65%, 03/15/2033 376,951
175,000 5.15%, 03/15/2036 172,395
    7,195,083
Financial — 6.88%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
725,000 2.45%, 10/29/2026 717,014
360,000 5.38%, 12/15/2031 365,668
300,000 3.30%, 01/30/2032 272,468
370,000 Agree LP REIT
4.80%, 10/01/2032
366,451
475,000 Air Lease Corp
5.20%, 07/15/2031
476,016
  American Express Co  
150,000 5.09%, 01/30/2031 152,537
725,000 5.28%, 07/26/2035 731,733
630,000 4.80%, 10/24/2036 609,153
50,000 American International Group Inc
3.40%, 06/30/2030
47,683
  Ares Strategic Income Fund(b)  
210,000 5.80%, 09/09/2030 204,201
380,000 5.15%, 01/15/2031 358,899
400,000 5.55%, 04/15/2031 383,191
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
104,000 Avolon Holdings Funding Ltd(b)
5.15%, 01/15/2030
$    104,376
  Banco Santander SA  
    800,000 5.57%, 01/17/2030     819,769
  1,000,000 6.92%, 08/08/2033   1,079,291
  Bank of America Corp  
    665,000 5.20%, 04/25/2029     674,469
    120,000 2.59%, 04/29/2031     110,860
655,000 1.92%, 10/24/2031 580,490
370,000 2.30%, 07/21/2032 326,612
785,000 4.57%, 04/27/2033 771,275
157,000 5.02%, 07/22/2033 157,927
117,000 2.48%, 09/21/2036 101,217
295,000 6.11%, 01/29/2037 309,370
1,865,000 5.05%, 02/06/2037 1,840,191
375,000 3.31%, 04/22/2042 285,965
  Bank of New York Mellon Corp  
245,000 6.32%, 10/25/2029 256,511
260,000 4.03%, 01/22/2030 257,397
40,000 4.60%, 07/26/2030 40,218
575,000 Barclays PLC
5.79%, 02/25/2036
581,399
125,000 Blackstone Private Credit Fund
6.00%, 01/29/2032
121,222
200,000 Blackstone Secured Lending Fund
5.88%, 11/15/2027
200,659
465,000 BNP Paribas SA(b)
5.79%, 01/13/2033
480,355
465,000 Canadian Imperial Bank of Commerce
5.25%, 01/13/2031
474,240
1,415,000 Capital One Financial Corp
6.18%, 01/30/2036
1,439,274
317,000 Chubb INA Holdings LLC
6.80%, 11/15/2031
349,994
  Citigroup Inc  
700,000 3.89%, 01/10/2028 696,626
330,000 2.57%, 06/03/2031 302,504
175,000 4.50%, 09/11/2031 173,011
525,000 3.06%, 01/25/2033 474,777
360,000 4.91%, 05/24/2033 358,370
700,000 6.27%, 11/17/2033 748,152
200,000 6.02%, 01/24/2036 204,186
1,150,000 Cousins Properties LP REIT
5.88%, 10/01/2034
1,164,644
190,000 Equitable America Global Funding(b)
4.70%, 09/15/2032
184,531
600,000 Essex Portfolio LP REIT
3.00%, 01/15/2030
565,270
270,000 First Horizon Corp
5.51%, 03/07/2031
273,564
  Goldman Sachs Group Inc  
285,000 5.05%, 07/23/2030 288,434
120,000 4.69%, 10/23/2030 120,094
130,000 5.21%, 01/28/2031 132,085
235,000 5.22%, 04/23/2031 238,963
210,000 2.62%, 04/22/2032 188,633
Principal Amount(a)   Fair Value
Financial — (continued)
525,000 Healthcare Realty Holdings LP REIT
2.05%, 03/15/2031
$    455,670
126,000 Host Hotels & Resorts LP REIT
2.90%, 12/15/2031
    112,017
  HSBC Holdings PLC  
    200,000 6.16%, 03/09/2029     205,747
  1,015,000 5.24%, 05/13/2031   1,029,296
    200,000 4.62%, 11/06/2031     197,222
    325,000 4.68%, 03/10/2032     320,693
1,350,000 Huntington Bancshares Inc
5.71%, 02/02/2035
1,377,560
  Intercontinental Exchange Inc  
140,000 3.63%, 09/01/2028 137,828
350,000 2.65%, 09/15/2040 256,309
175,000 Invitation Homes Operating Partnership LP REIT
2.30%, 11/15/2028
164,700
  JPMorgan Chase & Co  
170,000 2.95%, 10/01/2026 169,103
150,000 4.85%, 07/25/2028 150,738
460,000 4.51%, 10/22/2028 459,903
560,000 3.51%, 01/23/2029 550,951
95,000 5.30%, 07/24/2029 96,773
280,000 5.58%, 04/22/2030 288,587
175,000 3.70%, 05/06/2030 170,665
255,000 5.00%, 07/22/2030 258,620
25,000 2.74%, 10/15/2030 23,545
100,000 5.14%, 01/24/2031 101,830
135,000 2.52%, 04/22/2031 124,754
255,000 5.10%, 04/22/2031 259,630
245,000 4.26%, 10/22/2031 241,173
410,000 1.76%, 11/19/2031 359,932
905,000 4.35%, 01/22/2032 892,228
165,000 1.95%, 02/04/2032 145,282
200,000 2.58%, 04/22/2032 180,732
475,000 2.96%, 01/25/2033 430,931
360,000 4.91%, 07/25/2033 360,248
140,000 5.34%, 01/23/2035 142,149
45,000 4.95%, 10/22/2035 44,506
140,000 5.57%, 04/22/2036 144,268
35,000 5.58%, 07/23/2036 35,445
1,250,000 4.90%, 01/22/2037 1,223,137
490,000 5.19%, 02/05/2037 481,506
295,000 Lincoln National Corp(f)
5.35%, 11/15/2035
287,538
480,000 M&T Bank Corp
7.41%, 10/30/2029
512,955
55,000 Macquarie Airfinance Holdings Ltd(b)
6.40%, 03/26/2029
56,987
625,000 Mastercard Inc(f)
3.30%, 03/26/2027
620,337
  Morgan Stanley  
385,000 3.63%, 01/20/2027 383,391
754,000 3.95%, 04/23/2027 749,531
600,000 3.77%, 01/24/2029 591,962
545,000 5.16%, 04/20/2029 551,277
70,000 5.45%, 07/20/2029 71,248
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
    190,000 6.41%, 11/01/2029 $    198,302
    360,000 4.24%, 01/09/2030     356,367
    100,000 4.43%, 01/23/2030      99,550
     85,000 4.65%, 10/18/2030      84,965
    110,000 5.23%, 01/15/2031     111,692
    350,000 2.70%, 01/22/2031     324,983
    385,000 1.79%, 02/13/2032     333,386
155,000 4.71%, 03/12/2032 153,956
270,000 1.93%, 04/28/2032 234,040
355,000 4.89%, 07/20/2033 352,734
205,000 5.47%, 01/18/2035 208,388
175,000 5.83%, 04/19/2035 181,683
265,000 5.66%, 04/17/2036 271,430
425,000 2.48%, 09/16/2036 365,665
505,000 Morgan Stanley Private Bank NA
4.21%, 02/08/2030
499,886
200,000 NatWest Group PLC
5.12%, 05/23/2031
201,993
500,000 Nomura Holdings Inc
2.61%, 07/14/2031
445,924
  Prologis LP REIT  
625,000 1.75%, 07/01/2030 557,903
300,000 4.63%, 01/15/2033 296,814
  Prologis Targeted US Logistics Fund LP REIT(b)  
115,000 4.25%, 01/15/2031 112,505
260,000 4.75%, 01/15/2036 249,339
350,000 Realty Income Corp REIT
4.50%, 02/01/2033
341,205
  Synchrony Financial  
395,000 5.45%, 03/06/2031 394,673
45,000 2.88%, 10/28/2031 39,259
705,000 4.95%, 02/25/2032 684,204
320,000 6.00%, 07/29/2036 315,623
690,000 Takeoff Merger Sub Inc(b)
4.85%, 03/24/2031
681,371
500,000 Truist Bank
2.25%, 03/11/2030
454,046
  Truist Financial Corp  
90,000 6.05%, 06/08/2027 90,227
725,000 5.71%, 01/24/2035 747,869
  UBS Group AG(b)  
975,000 4.28%, 01/09/2028 971,471
240,000 2.75%, 02/11/2033 212,249
435,000 5.58%, 05/09/2036 441,194
785,000 US Bancorp
4.97%, 07/22/2033
776,427
  Wells Fargo & Co  
750,000 4.30%, 07/22/2027 749,039
240,000 2.39%, 06/02/2028 234,253
250,000 2.88%, 10/30/2030 235,870
80,000 2.57%, 02/11/2031 73,998
290,000 3.35%, 03/02/2033 266,274
48,000 4.90%, 07/25/2033 47,755
5,000 6.49%, 10/23/2034 5,414
730,000 5.61%, 04/23/2036 747,029
475,000 Westpac Banking Corp
4.11%, 07/24/2034
463,143
Principal Amount(a)   Fair Value
Financial — (continued)
500,000 Willis North America Inc
2.95%, 09/15/2029
$    473,468
    52,668,409
Industrial — 1.45%
160,000 AGCO Corp
5.80%, 03/21/2034
    163,472
189,000 Allegion US Holding Co Inc
5.60%, 05/29/2034
    192,887
  Boeing Co  
  1,025,000 3.45%, 11/01/2028   1,000,606
155,000 3.20%, 03/01/2029 149,497
82,000 2.95%, 02/01/2030 77,168
476,000 5.15%, 05/01/2030 483,968
110,000 6.39%, 05/01/2031 117,298
319,000 6.53%, 05/01/2034 347,500
375,000 5.71%, 05/01/2040 375,589
200,000 5.81%, 05/01/2050 193,345
363,000 6.86%, 05/01/2054 399,509
200,000 Burlington Northern Santa Fe LLC
4.05%, 06/15/2048
157,565
400,000 Canadian Pacific Railway Co
2.05%, 03/05/2030
365,851
  Carrier Global Corp  
325,000 2.70%, 02/15/2031 297,968
566,000 5.90%, 03/15/2034 597,158
  CSX Corp  
400,000 3.80%, 03/01/2028 396,382
305,000 5.05%, 06/15/2035 306,132
  Fedex Freight Holding Co Inc(b)  
185,000 4.65%, 03/15/2031 181,830
165,000 4.95%, 03/15/2033 160,925
200,000 GE Capital International Funding Co Unlimited Co
4.42%, 11/15/2035
191,775
125,000 General Electric Co(f)
5.88%, 01/14/2038
132,978
203,000 Howmet Aerospace Inc
4.85%, 10/15/2031
205,319
205,000 IDEX Corp
2.63%, 06/15/2031
184,972
155,000 Ingersoll Rand Inc
5.70%, 08/14/2033
161,027
100,000 Northrop Grumman Corp
4.65%, 07/15/2030
100,571
  Penske Truck Leasing Co LP / PTL Finance Corp(b)  
65,000 4.40%, 07/01/2027 64,782
65,000 6.05%, 08/01/2028 66,889
55,000 5.35%, 03/30/2029 55,939
207,000 5.25%, 07/01/2029 210,006
115,000 4.55%, 01/15/2031 113,744
794,000 Regal Rexnord Corp
6.30%, 02/15/2030
831,931
205,000 RTX Corp
6.10%, 03/15/2034
220,754
325,000 Union Pacific Corp
2.80%, 02/14/2032
295,551
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
105,000 Veralto Corp
5.50%, 09/18/2026
$    105,437
761,000 Vertiv Holdings Co
4.85%, 03/15/2036
    739,972
  Waste Management Inc  
    175,000 3.15%, 11/15/2027     172,363
    600,000 1.15%, 03/15/2028     566,422
    187,000 4.95%, 07/03/2031     191,265
  Westinghouse Air Brake Technologies Corp  
195,000 4.90%, 05/29/2030 197,043
290,000 5.61%, 03/11/2034 298,281
    11,071,671
Technology — 2.89%
550,000 Adobe Inc
2.15%, 02/01/2027
541,704
  Broadcom Inc  
450,000 4.20%, 10/15/2030 444,771
192,000 4.15%, 04/15/2032(b) 185,760
370,000 3.42%, 04/15/2033 338,337
150,000 3.47%, 04/15/2034 135,066
210,000 5.20%, 07/15/2035 211,638
339,000 3.14%, 11/15/2035(b) 288,010
1,175,000 4.90%, 02/15/2038 1,134,083
245,000 Cadence Design Systems Inc
4.70%, 09/10/2034
240,528
174,000 Constellation Software Inc(b)
5.46%, 02/16/2034
170,453
257,000 Dell International LLC / EMC Corp
8.10%, 07/15/2036
305,487
303,000 Electronic Arts Inc(f)
2.95%, 02/15/2051
243,560
715,000 Fidelity National Information Services Inc
4.80%, 03/10/2031
709,388
725,000 Foundry JV Holdco LLC(b)
6.15%, 01/25/2032
756,890
  Hewlett Packard Enterprise Co  
251,000 5.00%, 10/15/2034 242,965
50,000 6.35%, 10/15/2045 49,919
  Intel Corp  
395,000 5.20%, 02/10/2033 398,094
120,000 5.15%, 02/21/2034 119,672
100,000 4.10%, 05/11/2047 74,610
430,000 3.73%, 12/08/2047 300,472
96,000 3.25%, 11/15/2049 60,653
125,000 4.75%, 03/25/2050 101,139
40,000 3.05%, 08/12/2051 24,279
135,000 5.05%, 08/05/2062 109,132
500,000 Intuit Inc
1.35%, 07/15/2027
482,075
335,000 MSCI Inc(b)
4.00%, 11/15/2029
325,388
475,000 NVIDIA Corp
3.50%, 04/01/2040
395,507
325,000 NXP BV / NXP Funding LLC / NXP USA Inc
2.65%, 02/15/2032
286,666
Principal Amount(a)   Fair Value
Technology — (continued)
  Oracle Corp  
    275,000 4.50%, 05/06/2028 $    273,728
    205,000 2.95%, 04/01/2030     187,132
    350,000 4.65%, 05/06/2030     342,070
    325,000 2.88%, 03/25/2031     288,663
    431,000 5.25%, 02/03/2032     423,310
  1,340,000 4.80%, 09/26/2032   1,276,146
361,000 4.90%, 02/06/2033 342,116
860,000 5.35%, 05/04/2033 837,192
98,000 4.30%, 07/08/2034 86,902
315,000 4.70%, 09/27/2034 287,475
650,000 5.20%, 09/26/2035 609,697
475,000 5.70%, 02/04/2036 456,707
405,000 3.60%, 04/01/2040 293,616
50,000 3.65%, 03/25/2041 35,583
706,000 3.60%, 04/01/2050 426,232
205,000 3.95%, 03/25/2051 129,899
125,000 6.90%, 11/09/2052 118,016
167,000 5.55%, 02/06/2053 133,243
148,000 5.38%, 09/27/2054 114,481
260,000 6.00%, 08/03/2055 217,979
225,000 6.70%, 02/04/2056 208,823
90,000 5.50%, 09/27/2064 68,923
170,000 6.13%, 08/03/2065 141,417
20,000 6.10%, 09/26/2065 16,584
345,000 6.85%, 02/04/2066 317,166
  Salesforce Inc  
235,000 4.65%, 03/15/2029 235,487
1,590,000 4.90%, 09/15/2031 1,587,748
250,000 5.20%, 03/15/2033 249,573
1,431,000 5.55%, 03/15/2036 1,426,549
570,000 6.40%, 03/15/2046 573,946
305,000 6.70%, 03/15/2066 310,006
452,000 ServiceNow Inc
1.40%, 09/01/2030
392,195
271,000 Synopsys Inc
5.00%, 04/01/2032
273,351
225,000 Take-Two Interactive Software Inc
3.70%, 04/14/2027
222,972
  VMware LLC  
100,000 1.80%, 08/15/2028 94,161
300,000 2.20%, 08/15/2031 263,315
  Workday Inc  
125,000 3.50%, 04/01/2027 123,902
100,000 3.80%, 04/01/2032 92,826
    22,155,377
Utilities — 2.46%
  Alabama Power Co  
285,000 4.30%, 03/15/2031 282,082
305,000 3.45%, 10/01/2049 211,985
425,000 Alliant Energy Finance LLC(b)
4.25%, 06/15/2028
422,260
125,000 American Water Capital Corp
3.75%, 09/01/2028
123,752
155,000 Arizona Public Service Co
5.70%, 08/15/2034
160,416
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Utilities — (continued)
350,000 Berkshire Hathaway Energy Co
3.70%, 07/15/2030
$    340,125
180,000 Brooklyn Union Gas Co(b)
4.87%, 08/05/2032
    175,983
246,000 CenterPoint Energy Inc
5.40%, 06/01/2029
    252,054
77,000 CenterPoint Energy Resources Corp
1.75%, 10/01/2030
     68,312
80,000 Cleco Corporate Holdings LLC
3.38%, 09/15/2029
     74,780
  Consolidated Edison Co of New York Inc  
    145,000 3.20%, 12/01/2051      94,583
45,000 5.70%, 05/15/2054 44,087
115,000 5.50%, 03/15/2055 109,283
145,000 5.75%, 11/15/2055 143,116
333,000 Duke Energy Carolinas LLC
5.30%, 02/15/2040
328,996
  Duke Energy Corp  
475,000 3.15%, 08/15/2027 467,908
60,000 2.45%, 06/01/2030(f) 55,284
292,000 2.55%, 06/15/2031 262,533
40,000 5.45%, 06/15/2034 40,886
480,000 4.95%, 09/15/2035 467,925
55,000 5.00%, 08/15/2052 47,062
  Duke Energy Ohio Inc  
145,000 3.65%, 02/01/2029 142,464
80,000 5.25%, 04/01/2033 81,744
65,000 5.55%, 03/15/2054 62,227
  Duke Energy Progress LLC  
110,000 5.05%, 03/15/2035 110,228
105,000 5.55%, 03/15/2055 101,433
  Edison International  
210,000 6.25%, 03/15/2030 217,562
230,000 4.80%, 03/15/2031 224,519
975,000 Entergy Corp
2.95%, 09/01/2026
969,330
  Eversource Energy  
110,000 4.45%, 12/15/2030 108,502
125,000 5.13%, 05/15/2033 124,583
79,000 5.50%, 01/01/2034 80,112
450,000 Exelon Corp
4.05%, 04/15/2030
440,691
55,000 FirstEnergy Corp
3.90%, 07/15/2027
54,552
  Georgia Power Co  
215,000 4.00%, 10/01/2028 213,741
65,000 4.55%, 03/15/2030 65,257
30,000 4.75%, 09/01/2040 28,122
50,000 Jersey Central Power & Light Co
5.10%, 01/15/2035
49,978
  NiSource Inc  
150,000 3.49%, 05/15/2027 148,426
55,000 1.70%, 02/15/2031 47,800
60,000 5.40%, 06/30/2033 61,391
355,000 5.35%, 07/15/2035 357,415
Principal Amount(a)   Fair Value
Utilities — (continued)
  NSTAR Electric Co  
    105,000 5.40%, 06/01/2034 $    107,324
    215,000 5.20%, 03/01/2035     216,341
120,000 Oglethorpe Power Corp(f)
5.05%, 10/01/2048
    104,680
  Ohio Edison Co(b)  
     85,000 4.95%, 12/15/2029      85,863
     70,000 5.50%, 01/15/2033      72,066
200,000 Ohio Power Co
5.00%, 06/01/2033
198,945
  Pacific Gas & Electric Co  
625,000 2.10%, 08/01/2027 605,728
160,000 6.10%, 01/15/2029 165,565
230,000 4.55%, 07/01/2030 226,883
295,000 2.50%, 02/01/2031 264,381
185,000 3.25%, 06/01/2031 170,633
40,000 5.05%, 10/15/2032 39,740
214,000 6.15%, 01/15/2033 223,758
100,000 6.40%, 06/15/2033 106,131
256,000 6.95%, 03/15/2034 280,357
405,000 5.80%, 05/15/2034 414,999
91,000 3.30%, 08/01/2040 68,055
37,000 4.60%, 06/15/2043 30,443
70,000 4.75%, 02/15/2044 58,323
89,000 4.30%, 03/15/2045 69,516
60,000 3.50%, 08/01/2050 39,672
192,000 6.75%, 01/15/2053 199,217
54,000 6.15%, 03/01/2055 52,172
40,000 6.10%, 10/15/2055 38,421
  PacifiCorp  
80,000 5.45%, 04/15/2033 80,256
75,000 5.80%, 04/15/2036 75,601
22,000 4.13%, 01/15/2049 16,128
  Pinnacle West Capital Corp  
133,000 4.90%, 05/15/2028 134,000
200,000 5.15%, 05/15/2030 202,941
380,000 Public Service Co of Oklahoma
5.20%, 01/15/2035
377,993
  Public Service Enterprise Group Inc  
90,000 6.13%, 10/15/2033 95,323
45,000 5.45%, 04/01/2034 45,679
  Puget Energy Inc  
64,000 4.10%, 06/15/2030 62,023
555,000 5.73%, 03/15/2035 559,038
100,000 Sierra Pacific Power Co
2.60%, 05/01/2026
99,878
  Southern California Edison Co  
200,000 5.15%, 06/01/2029 202,810
140,000 2.25%, 06/01/2030 126,651
140,000 2.75%, 02/01/2032 124,857
70,000 6.00%, 01/15/2034 72,979
150,000 5.20%, 06/01/2034 148,884
51,000 3.90%, 03/15/2043 38,509
80,000 4.65%, 10/01/2043 66,903
25,000 4.00%, 04/01/2047 18,573
307,000 4.13%, 03/01/2048 229,773
60,000 3.65%, 02/01/2050 41,152
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Utilities — (continued)
    145,000 5.45%, 06/01/2052 $    128,480
    214,000 5.70%, 03/01/2053     196,460
     90,000 5.90%, 03/01/2055      85,783
  Southern California Gas Co  
     90,000 5.75%, 06/01/2053      87,564
    185,000 6.00%, 06/15/2055     185,162
  Southern Co  
125,000 4.85%, 06/15/2028 126,192
25,000 5.70%, 03/15/2034 25,906
265,000 Southern Co Gas Capital Corp
5.10%, 09/15/2035
261,546
320,000 Southern Power Co
4.90%, 10/01/2035
309,471
  Southwestern Electric Power Co  
215,000 5.30%, 04/01/2033 218,015
80,000 5.20%, 04/01/2036 78,668
120,000 5.90%, 04/01/2056 116,779
  Virginia Electric & Power Co  
190,000 5.00%, 01/15/2034 189,375
65,000 5.05%, 08/15/2034 64,912
195,000 5.15%, 03/15/2035 194,612
315,000 4.90%, 09/15/2035 308,190
680,000 4.95%, 03/15/2036 662,859
20,000 4.20%, 05/15/2045 16,027
185,000 WEC Energy Group Inc
4.75%, 01/15/2028
186,354
  Xcel Energy Inc  
525,000 3.35%, 12/01/2026 521,853
45,000 4.60%, 06/01/2032 44,204
290,000 5.60%, 04/15/2035 294,713
    18,825,778
TOTAL CORPORATE BONDS AND NOTES — 22.97%
(Cost $180,000,281) 		$175,930,618
FOREIGN GOVERNMENT BONDS AND NOTES
230,000 Chile Government International Bond
5.65%, 01/13/2037   		238,372
950,000 Eagle Funding Luxco SARL(b)
5.50%, 08/17/2030   		954,988
340,000 Indonesia Government International Bond
EUR, 4.10%, 03/04/2034   		377,520
  Israel Government International Bond  
420,000 5.38%, 03/12/2029 426,118
200,000 2.75%, 07/03/2030 183,123
205,000 3.80%, 05/13/2060 132,641
  Mexico Government International Bond  
1,450,000 5.38%, 03/22/2033 1,415,925
710,000 5.63%, 02/09/2034 694,380
600,000 5.63%, 09/22/2035 580,500
240,000 6.00%, 05/07/2036 238,356
1,185,000 4.28%, 08/14/2041 926,374
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
200,000 Panama Government International Bond
3.16%, 01/23/2030   		$    186,580
380,000 Peruvian Government International Bond
3.30%, 03/11/2041   		    286,292
  Republic of Poland Government International Bond  
220,000 5.13%, 09/18/2034     221,081
270,000 5.50%, 03/18/2054     249,418
  Romanian Government International Bond  
40,000 3.00%, 02/27/2027(b)      39,219
570,000 3.00%, 02/14/2031 500,114
506,000 3.63%, 03/27/2032 443,534
320,000 5.75%, 07/04/2036(b) 296,718
270,000 7.50%, 02/10/2037 285,038
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 1.13%
(Cost $9,137,888) 		$8,676,291
MORTGAGE-BACKED SECURITIES
Non-Agency — 11.43%
98,761 A&D Mortgage Trust (b)(d)
Series 2026-NQM1 Class A2
5.11%,  02/25/2071   		97,642
190,000 ALA Trust(b)(c)
Series 2025-OANA Class A
5.42%,  06/15/2040
1-mo. SOFR + 1.74% 		190,475
  Angel Oak Mortgage Trust(b)  
  Series 2020-1 Class A1  
12,464 2.47%, 12/25/2059(e)   12,216
  Series 2020-2 Class A1A  
60,207 2.53%, 01/26/2065(e)   57,355
  Series 2020-4 Class A1  
17,639 1.47%, 06/25/2065(e)   17,148
  Series 2020-6 Class A1  
27,713 1.26%, 05/25/2065(e)   25,795
  Series 2020-R1 Class A1  
40,050 0.99%, 04/25/2053(e)   38,662
  Series 2021-1 Class A1  
91,283 0.91%, 01/25/2066(e)   81,204
  Series 2021-2 Class A1  
187,667 0.99%, 04/25/2066(e)   162,695
  Series 2021-3 Class A1  
104,590 1.07%, 05/25/2066(e)   90,750
  Series 2021-4 Class A1  
157,358 1.04%, 01/20/2065(e)   134,951
  Series 2021-5 Class A1  
229,010 0.95%, 07/25/2066(e)   199,276
  Series 2021-7 Class A1  
210,035 1.98%, 10/25/2066(e)   182,359
  Series 2021-8 Class A1  
173,256 1.82%, 11/25/2066(e)   154,927
  Series 2022-1 Class A1  
592,514 3.88%, 12/25/2066(d)   559,312
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2022-2 Class A1  
     78,219 4.04%, 01/25/2067(e)   $     74,796
  Series 2022-5 Class A1  
    506,360 4.50%, 05/25/2067(d)       504,195
  Series 2025-7 Class A1  
    879,835 5.51%, 06/25/2070(d)       882,760
540,000 AREIT(b)(c)
Series 2025-CRE11 Class A
5.23%,  07/25/2043
1-mo. SOFR + 1.55% 		    540,987
  Arroyo Mortgage Trust(b)  
  Series 2019-2 Class A1  
28,944 3.35%, 04/25/2049(e)   28,162
  Series 2019-3 Class A1  
31,426 2.96%, 10/25/2048(e)   30,112
  Series 2022-1 Class A1A  
291,212 3.50%, 12/25/2056(d)   283,401
  BANK  
  Series 2020-BN26 Class XA  
1,006,399 1.19%, 03/15/2063(e)   34,311
  Series 2017-BNK8 Class A4  
350,000 3.49%, 11/15/2050   341,553
  Series 2019-BN16 Class XA  
2,251,556 0.93%, 02/15/2052(e)   45,132
  Series 2019-BN17 Class A4  
632,000 3.71%, 04/15/2052   617,451
  Series 2019-BN18 Class XA  
958,561 0.88%, 05/15/2062(e)   23,245
  Series 2019-BN20 Class XA  
1,125,888 0.81%, 09/15/2062(e)   26,635
  Series 2019-BN22 Class XA  
1,746,553 0.58%, 11/15/2062(e)   32,082
  Series 2019-BN23 Class XA  
2,881,388 0.68%, 12/15/2052(e)   59,884
  Series 2019-BN24 Class XA  
967,581 0.63%, 11/15/2062(e)   20,102
  Series 2020-BN28 Class XA  
2,302,228 1.76%, 03/15/2063(e)   145,709
  Series 2020-BN29 Class XA  
2,740,262 1.30%, 11/15/2053(e)   131,544
  Series 2021-BN32 Class A5  
1,500,000 2.64%, 04/15/2054(e)   1,362,832
  Series 2023-BNK45 Class ASB  
500,000 5.47%, 02/15/2056   513,269
  Series 2023-BNK45 Class XA  
883,807 1.07%, 02/15/2056(e)   47,934
  Series 2024-BNK48 Class XA  
1,726,769 1.14%, 10/15/2057(e)   133,110
  Series 2025-BNK49 Class A5  
850,000 5.62%, 03/15/2058(e)   884,785
  BANK5  
  Series 2024-5YR11 Class AS  
225,000 6.14%, 11/15/2057   232,786
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2024-5YR7 Class A3  
    475,000 5.77%, 06/15/2057   $    489,813
  Series 2024-5YR8 Class A3  
    275,000 5.88%, 08/15/2057       285,132
  Series 2024-5YR9 Class AS  
    400,000 6.18%, 08/15/2057(e)       413,255
  Series 2025-5YR17 Class AS  
850,000 5.63%, 11/15/2058(e)   867,259
  Series 2026-5YR20 Class AS  
620,000 5.34%, 02/15/2059   629,032
  Barclays Commercial Mortgage Securities Trust  
  Series 2020-C6 Class A4  
1,500,000 2.64%, 02/15/2053   1,380,117
  Series 2022-C15 Class A5  
105,000 3.66%, 04/15/2055(e)   96,773
  Series 2024-C24 Class A5  
325,000 5.42%, 02/15/2057   332,853
  Series 2024-C24 Class XA  
1,100,156 1.62%, 02/15/2057(e)   98,358
  Series 2024-C26 Class B  
475,000 5.94%, 05/15/2057(e)   484,152
  Series 2024-C28 Class XA  
995,703 1.11%, 09/15/2057(e)   71,561
  Series 2025-C32 Class XA  
1,048,143 1.13%, 02/15/2062(e)   84,062
  Series 2026-5C40 Class AS  
825,000 5.53%, 02/15/2059(e)   836,081
  Benchmark Mortgage Trust  
  Series 2020-B22 Class XA  
1,087,508 1.49%, 01/15/2054(e)   61,493
  Series 2018-B1 Class A5  
400,000 3.67%, 01/15/2051(e)   394,739
  Series 2019-B10 Class XA  
1,914,376 1.21%, 03/15/2062(e)   57,213
  Series 2019-B11 Class A5  
455,859 3.54%, 05/15/2052   440,753
  Series 2019-B12 Class A5  
1,498,000 3.12%, 08/15/2052   1,427,932
  Series 2019-B12 Class XA  
850,819 1.02%, 08/15/2052(e)   19,731
  Series 2019-B9 Class A5  
550,000 4.02%, 03/15/2052   537,902
  Series 2020-B18 Class XA  
481,875 1.74%, 07/15/2053(e)   24,717
  Series 2023-B39 Class XA  
2,317,498 0.57%, 07/15/2056(e)   78,119
  Series 2023-B40 Class XA  
965,665 1.17%, 12/15/2056(e)   49,077
  Series 2026-V20 Class AM  
285,000 5.44%, 02/15/2059   287,602
  BFLD Commercial Mortgage Trust(b)(c)  
  Series 2025-660F Class A  
725,000 5.17%, 11/15/2042
1-mo. SOFR + 1.50% 		724,096
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2025-660F Class B  
  1,050,000 5.47%, 11/15/2042
1-mo. SOFR + 1.80% 		$  1,047,375
  BINOM Securitization Trust(b)(e)  
  Series 2021-INV1 Class A1  
    105,248 2.03%, 06/25/2056        96,913
  Series 2022-INV1 Class A1  
    353,101 4.44%, 08/25/2057       343,695
406,912 BLP Commercial Mortgage Trust(b)(c)
Series 2024-IND2 Class A
5.01%,  03/15/2041
1-mo. SOFR + 1.34% 		407,007
  BMO Mortgage Trust  
  Series 2024-C9 Class A5  
475,000 5.76%, 07/15/2057   496,558
  Series 2024-C9 Class XA  
1,505,672 0.86%, 07/15/2057(e)   90,849
660,000 BOCA Commercial Mortgage Trust(b)(c)
Series 2025-BOCA Class A
5.27%,  12/15/2042
1-mo. SOFR + 1.60% 		660,412
290,000 BPR Trust(b)(e)
Series 2024-PMDW Class A
5.36%,  11/05/2041   		293,626
  BRAVO Residential Funding Trust(b)  
  Series 2021-NQM2 Class A1  
13,547 0.97%, 03/25/2060(e)   13,353
  Series 2025-NQM8 Class A1A  
677,148 5.08%, 06/25/2065(d)   675,201
  BSTN Commercial Mortgage Trust(b)(e)  
  Series 2025-1C Class A  
575,000 5.01%, 06/15/2044   584,764
  Series 2025-HUB Class A  
165,000 4.57%, 04/13/2041   164,788
395,000 BWAY Trust(b)(e)
Series 2025-1535 Class A
5.89%,  05/05/2042   		399,697
  BX Commercial Mortgage Trust (b)(c)  
  Series 2026-ALOHA Class A  
1,100,000 5.05%, 04/15/2043
1-mo. SOFR + 1.35% 		1,100,000
  Series 2026-CSMO Class A  
2,050,000 5.07%, 02/15/2043
1-mo. SOFR + 1.40% 		2,049,990
  BX Trust(b)  
  Series 2024-AIRC Class A  
346,900 5.36%, 08/15/2041(c)
1-mo. SOFR + 1.69% 		347,226
  Series 2024-BIO Class A  
275,000 5.31%, 02/15/2041(c)
1-mo. SOFR + 1.64% 		274,310
  Series 2024-XL5 Class A  
275,079 5.06%, 03/15/2041(c)
1-mo. SOFR + 1.39% 		275,394
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2025-ARIA Class A  
    460,000 5.03%, 12/13/2042(e)   $    462,422
  Series 2025-ROIC Class A  
    536,809 4.82%, 03/15/2030(c)
1-mo. SOFR + 1.14% 		    534,125
  Series 2026-CART Class A  
  1,640,000 4.72%, 02/15/2036(c)
1-mo. SOFR + 1.05% 		  1,626,162
31,775 CD Commercial Mortgage Trust
Series 2017-CD3 Class AAB
3.45%,  02/10/2050   		     31,647
180,000 CENT Trust(b)(e)
Series 2025-CITY Class A
4.92%,  07/10/2040   		181,291
7,340 Citigroup Mortgage Loan Trust(b)(e)
Series 2018-RP1 Class A1
3.00%,  09/25/2064   		7,244
  COLT Mortgage Loan Trust(b)  
  Series 2020-2R Class A1  
42,564 1.33%, 10/26/2065(e)   40,424
  Series 2021-2 Class A1  
162,335 0.92%, 08/25/2066(e)   137,100
  Series 2021-3 Class A1  
285,302 0.96%, 09/27/2066(e)   238,674
  Series 2021-4 Class A1  
189,252 1.40%, 10/25/2066(e)   161,339
  Series 2021-HX1 Class A1  
398,575 1.11%, 10/25/2066(e)   344,090
  Series 2025-8 Class A1  
1,097,020 5.48%, 08/25/2070(d)   1,100,794
  Series 2026-1 Class A1  
269,949 4.76%, 02/25/2071(e)   267,934
  COMM Mortgage Trust(b)  
  Series 2022-HC Class A  
100,000 2.82%, 01/10/2039   97,066
  Series 2022-HC Class C  
120,000 3.38%, 01/10/2039   114,105
  Series 2024-277P Class A  
165,000 6.34%, 08/10/2044   171,991
  Series 2024-CBM Class A2  
120,000 5.87%, 12/10/2041(e)   120,335
  Credit Suisse Mortgage Trust(b)  
  Series 2017-FHA1 Class A1  
22,758 3.25%, 04/25/2047(e)   21,429
  Series 2018-RPL9 Class A  
90,575 3.85%, 09/25/2057(e)   87,019
  Series 2020-NQM1 Class A1  
63,947 2.21%, 05/25/2065(d)   61,410
  Series 2020-RPL4 Class A1  
210,320 2.00%, 01/25/2060(e)   189,607
  Series 2021-NQM5 Class A1  
156,073 0.94%, 05/25/2066(e)   128,728
  Series 2021-NQM6 Class A1  
352,150 1.17%, 07/25/2066(e)   303,553
  Series 2021-NQM7 Class A1  
164,503 1.76%, 10/25/2066(e)   145,380
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2021-NQM8 Class A1  
    193,745 2.84%, 10/25/2066(e)   $    176,451
  Series 2021-RPL4 Class A1  
    209,090 4.15%, 12/27/2060(e)       208,355
  Series 2022-NQM1 Class A1  
    488,278 3.27%, 11/25/2066(e)       441,961
10,507,504 DBGS Mortgage Trust(e)
Series 2018-C1 Class XA
0.19%,  10/15/2051   		     43,274
384,161 DBJPM Mortgage Trust(e)
Series 2020-C9 Class XA
1.58%,  09/15/2053   		15,363
140,000 DC Trust(b)(e)
Series 2024-HLTN Class A
5.73%,  04/13/2040   		140,559
880,000 Durst Commercial Mortgage Trust(b)(e)
Series 2025-151 Class A
4.80%,  08/10/2042   		888,121
  Ellington Financial Mortgage Trust(b)  
  Series 2020-2 Class A1  
21,818 1.18%, 10/25/2065(e)   20,764
  Series 2021-1 Class A1  
314,462 0.80%, 02/25/2066(e)   274,512
  Series 2021-2 Class A1  
137,120 0.93%, 06/25/2066(e)   116,772
  Series 2022-1 Class A1  
785,711 2.21%, 01/25/2067(e)   702,052
  Series 2025-INV5 Class A1  
382,692 5.08%, 12/25/2070(e)   381,225
  Series 2026-NQM4 Class A1A  
875,000 5.47%, 04/25/2071(d)   875,160
  Extended Stay America Trust(b)(c)  
  Series 2025-ESH Class A  
125,000 4.97%, 10/15/2042
1-mo. SOFR + 1.30% 		125,000
  Series 2026-ESH2 Class A  
792,543 4.87%, 02/15/2043
1-mo. SOFR + 1.20% 		792,543
  GCAT Trust(b)  
  Series 2020-NQM2 Class A1  
17,053 2.56%, 04/25/2065(d)   16,411
  Series 2021-NQM1 Class A1  
112,045 0.87%, 01/25/2066(e)   100,160
  Series 2021-NQM4 Class A1  
269,702 1.09%, 08/25/2066(e)   227,921
  Series 2021-NQM7 Class A1  
116,519 1.92%, 08/25/2066(e)   108,335
  Series 2022-HX1 Class A1  
483,637 2.89%, 12/27/2066(e)   447,123
  GS Mortgage Securities Trust  
  Series 2020-GC45 Class XA  
1,883,451 0.61%, 02/13/2053(e)   35,412
  Series 2024-70P Class A  
625,000 4.96%, 03/10/2041(b)(e)   629,576
  Series 2026-NQM1 Class A1  
417,061 4.87%, 03/25/2066(b)(e)   414,573
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2026-NQM1 Class A2  
    245,387 5.12%, 03/25/2066(b)(d)   $    244,027
210,000 GS REFT Issuer Ltd(b)(c)
Series 2026-FL1 Class A
5.17%,  04/19/2043
1-mo. SOFR + 1.50% 		    210,196
148,150 HIH Trust(b)(c)
Series 2024-61P Class A
5.51%,  10/15/2041
1-mo. SOFR + 1.84% 		    148,150
150,000 HTL Commercial Mortgage Trust(b)(e)
Series 2024-T53 Class A
5.88%,  05/10/2039   		    151,160
  Hudson Yards Mortgage Trust(b)(e)  
  Series 2025-SPRL Class A  
370,000 5.47%, 01/13/2040   378,609
  Series 2025-SPRL Class B  
175,000 5.76%, 01/13/2040   179,040
  Imperial Fund Mortgage Trust(b)  
  Series 2021-NQM2 Class A1  
139,572 1.07%, 09/25/2056(e)   118,814
  Series 2022-NQM2 Class A1  
452,627 4.64%, 03/25/2067(d)   431,406
515,000 INT Commercial Mortgage Trust(b)(e)
Series 2025-PLAZA Class A
4.55%,  11/05/2037   		513,273
700,000 IRV Trust(b)(e)
Series 2025-200P Class A
5.29%,  03/14/2047   		705,501
  JPMDB Commercial Mortgage Securities Trust  
  Series 2016-C2 Class A4  
310,145 3.14%, 06/15/2049   309,295
  Series 2016-C4 Class ASB  
43,370 2.99%, 12/15/2049   43,245
120,000 JPMorgan Chase Commercial Mortgage Securities Trust(b)
Series 2020-NNN Class AFX
2.81%,  01/16/2037   		107,996
  JPMorgan Mortgage Trust(b)  
  Series 2024-VIS2 Class A1  
992,773 5.85%, 11/25/2064(d)   998,118
  Series 2024-1 Class A4  
136,044 6.00%, 06/25/2054(e)   136,338
  Series 2025-NQM2 Class A1  
607,834 5.57%, 09/25/2065(e)   610,233
  Series 2025-NQM5 Class A1A  
956,498 4.88%, 05/25/2066(d)   949,299
  Series 2026-VIS1 Class A1A  
1,166,758 4.79%, 06/25/2066(d)   1,157,679
  LBTY Commercial Mortgage Trust(b)(e)  
  Series 2026-225L Class A  
1,195,000 4.59%, 02/10/2043   1,179,423
  Series 2026-225L Class B  
500,000 4.88%, 02/10/2043   492,488
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Legacy Mortgage Asset Trust(b)(d)  
  Series 2021-GS2 Class A1  
    200,514 5.75%, 04/25/2061   $    200,865
  Series 2021-GS4 Class A1  
     71,284 5.65%, 11/25/2060        71,328
500,000 LEX Mortgage Trust(b)(e)
Series 2024-BBG Class A
4.87%,  10/13/2033   		    497,886
2,075,000 MAD Commercial Mortgage Trust(b)(e)
Series 2025-11MD Class A
4.44%,  10/15/2042   		  2,065,545
40,910 Metlife Securitization Trust(b)(e)
Series 2018-1A Class A
3.75%,  03/25/2057   		39,622
345,000 MF1 Ltd(b)(c)
Series 2022-FL8 Class AS
5.43%,  02/19/2037
1-mo. SOFR + 1.75% 		345,109
  MFRA Trust(b)(e)  
  Series 2020-NQM3 Class A1  
9,242 1.01%, 01/26/2065   8,871
  Series 2021-NQM2 Class A1  
96,058 1.03%, 11/25/2064   85,077
  Mill City Mortgage Loan Trust(b)(e)  
  Series 2018-1 Class A1  
4,590 3.25%, 05/25/2062   4,572
  Series 2019-GS1 Class A1  
82,984 2.75%, 07/25/2059   81,619
300,000 Morgan Stanley Capital I Trust(b)(c)
Series 2021-230P Class A
4.96%,  12/15/2038
1-mo. SOFR + 1.28% 		290,250
  Morgan Stanley Residential Mortgage Loan Trust(b)  
  Series 2025-DSC3 Class A1A  
934,175 4.91%, 09/25/2070(d)   931,180
  Series 2025-NQM4 Class A1A  
968,712 5.59%, 06/25/2070(d)   972,598
  Series 2025-NQM9 Class A1A  
932,479 5.02%, 09/25/2070(d)   930,746
  Series 2025-SPL1 Class A1  
660,176 4.25%, 02/25/2065(e)   641,923
  Series 2026-DSC1 Class A1  
795,683 4.77%, 01/25/2071(e)   786,927
  Series 2026-DSC1 Class A2  
332,527 5.02%, 01/25/2071(d)   329,358
  Series 2026-NQM1 Class A1  
484,407 4.81%, 12/25/2070(e)   479,853
337,293 MSWF Commercial Mortgage Trust(e)
Series 2023-2 Class XA
0.92%,  12/15/2056   		18,188
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  New Residential Mortgage Loan Trust(b)  
  Series 2015-1A Class A3  
     14,509 3.75%, 05/28/2052(e)   $     13,942
  Series 2017-5A Class A1  
     19,262 5.29%, 06/25/2057(c)
1-mo. SOFR + 1.61% 		     19,494
  Series 2018-1A Class A1A  
    209,041 4.00%, 12/25/2057(e)       203,862
  Series 2019-3A Class A1A  
74,313 3.75%, 11/25/2058(e)   71,666
  Series 2019-5A Class A1B  
71,755 3.50%, 08/25/2059(e)   67,730
  Series 2019-NQM4 Class A1  
12,082 2.49%, 09/25/2059(e)   11,636
  Series 2020-1A Class A1B  
49,900 3.50%, 10/25/2059(e)   46,727
  Series 2021-NQ1R Class A1  
70,226 0.94%, 07/25/2055(e)   64,447
  Series 2022-NQM2 Class A1  
371,099 3.85%, 03/27/2062(e)   350,161
  Series 2022-NQM4 Class A1  
698,445 5.00%, 06/25/2062(d)   696,093
  Series 2025-NQM7 Class A1  
166,431 5.01%, 10/26/2065(e)   165,505
  Series 2025-NQM7 Class A2  
717,373 5.26%, 10/26/2065(d)   712,734
  Series 2026-NQM1 Class A1  
223,146 4.82%, 11/25/2065(e)   221,083
522,240 NMLT Trust(b)(e)
Series 2021-INV1 Class A1
1.19%,  05/25/2056   		460,493
410,000 NRTH Commercial Mortgage Trust(b)(c)
Series 2025-PARK Class A
5.07%,  10/15/2040
1-mo. SOFR + 1.39% 		409,616
  NYC Commercial Mortgage Trust(b)  
  Series 2025-11X Class A  
650,000 5.42%, 10/15/2040(c)
1-mo. SOFR + 1.74% 		650,203
  Series 2025-299P Class A  
105,000 5.66%, 02/10/2047(e)   108,814
  Series 2025-300P Class A  
495,000 4.88%, 07/13/2042(e)   492,040
  Series 2025-3BP Class A  
330,000 4.89%, 02/15/2042(c)
1-mo. SOFR + 1.21% 		327,938
  Series 2026-1PARK Class A  
215,000 4.93%, 02/15/2043(c)
1-mo. SOFR + 1.25% 		214,127
462,635 OBX Trust(b)(e)
Series 2026-NQM2 Class A1
4.82%,  12/01/2065   		459,057
195,352 Ocwen Loan Investment Trust(b)(e)
Series 2025-HB2 Class A
3.00%,  11/25/2038   		190,434
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
330,368 One New York Plaza Trust(b)(c)
Series 2020-1NYP Class A
4.74%,  01/15/2036
1-mo. SOFR + 1.06% 		$    317,979
  Onslow Bay Financial LLC(b)  
  Series 2021-NQM1 Class A1  
    170,035 1.07%, 02/25/2066(e)       151,020
  Series 2021-NQM3 Class A1  
    179,309 1.05%, 07/25/2061(e)       150,392
  Series 2021-NQM4 Class A1  
123,099 1.96%, 10/25/2061(e)   106,150
  Series 2022-NQM1 Class A1  
530,282 2.31%, 11/25/2061(e)   480,122
  Series 2025-NQM11 Class A1A  
698,242 5.42%, 05/25/2065(d)   700,390
  Series 2025-NQM15 Class A1A  
853,068 5.14%, 07/27/2065(d)   852,028
  Series 2025-NQM21 Class A1A  
901,369 4.99%, 10/25/2065(d)   897,819
  Preston Ridge Partners Mortgage Trust(b)(d)  
  Series 2025-3 Class A1  
79,828 6.26%, 05/25/2030   79,603
  Series 2025-5 Class A1  
148,589 5.73%, 07/25/2030   148,280
  Series 2025-6 Class A1  
386,032 5.77%, 08/25/2028   385,202
  Series 2025-7 Class A1  
273,294 5.50%, 08/25/2030   272,387
  Series 2025-RPL2 Class A1  
550,776 3.75%, 04/25/2055   536,081
  Series 2025-RPL3 Class A1  
1,041,983 3.25%, 04/25/2055   1,007,334
  Series 2026-1 Class A1  
573,584 5.19%, 02/25/2031   567,528
  Series 2026-RCF1 Class A1  
209,267 4.85%, 01/25/2056   208,099
  Pretium Mortgage Credit Partners(b)(d)  
  Series 2025-NPL11 Class A1  
997,395 5.19%, 10/25/2055   997,403
  Series 2025-NPL14 Class A1  
522,931 5.27%, 12/25/2055   518,848
  Series 2025-NPL6 Class A1  
674,273 5.74%, 06/25/2055   675,311
  Series 2025-NPL7 Class A1  
450,475 5.66%, 07/25/2055   451,330
  Series 2025-NPL8 Class A1  
440,945 5.73%, 08/25/2055   441,876
  Series 2025-NPL9 Class A1  
584,941 5.39%, 08/25/2055   585,451
  Series 2025-RPL1 Class A1  
531,644 4.00%, 07/25/2069   516,768
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2025-RPL5 Class A1  
    994,905 4.15%, 01/25/2070   $    965,651
  Series 2025-RPL6 Class A1  
    954,865 3.85%, 09/25/2069       920,178
  Series 2026-NPL1 Class A1  
    194,909 5.18%, 01/25/2056       193,330
  Series 2026-NPL2 Class A1  
1,011,365 5.15%, 02/25/2056   1,003,405
505,336 PRKCM Trust(b)(e)
Series 2021-AFC1 Class A1
1.51%,  08/25/2056   		434,655
25,784 Residential Mortgage Loan Trust(b)(e)
Series 2021-1R Class A1
0.86%,  01/25/2065   		25,060
  ROCK Trust(b)  
  Series 2024-CNTR Class A  
800,000 5.39%, 11/13/2041   813,270
  Series 2024-CNTR Class B  
200,000 5.93%, 11/13/2041   204,503
490,000 SG Commercial Mortgage Securities Trust(b)
Series 2020-COVE Class A
2.63%,  03/15/2037   		469,525
660,000 SHR Trust(b)(c)
Series 2024-LXRY Class A
5.62%,  10/15/2041
1-mo. SOFR + 1.95% 		659,175
  Starwood Mortgage Residential Trust(b)(e)  
  Series 2020-3 Class A1  
7,746 1.49%, 04/25/2065   7,611
  Series 2021-2 Class A1  
52,096 0.94%, 05/25/2065   49,656
  Series 2021-6 Class A1  
288,486 1.92%, 11/25/2066   254,878
560,000 Texas Commercial Mortgage Trust(b)(c)
Series 2025-TWR Class A
4.97%,  04/15/2042
1-mo. SOFR + 1.29% 		556,850
92,184 Toorak Mortgage Corp(b)(e)
Series 2021-INV1 Class A1
1.15%,  07/25/2056   		83,162
  Towd Point Mortgage Trust(b)(e)  
  Series 2018-1 Class A1  
1,748 3.00%, 01/25/2058   1,740
  Series 2018-2 Class A1  
17,161 3.25%, 03/25/2058   17,021
  Series 2018-3 Class A1  
40,369 3.75%, 05/25/2058   39,597
  Series 2018-5 Class A1A  
34,053 3.25%, 07/25/2058   33,813
  Series 2019-1 Class A1  
197,409 3.75%, 03/25/2058   191,366
  Series 2020-1 Class A2A  
190,000 3.10%, 01/25/2060   174,712
  Series 2021-R1 Class A1  
1,054,468 2.92%, 11/30/2060   955,863
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Verus Securitization Trust(b)  
  Series 2021-2 Class A1  
    129,065 1.03%, 02/25/2066(e)   $    116,871
  Series 2021-4 Class A1  
    126,652 0.94%, 07/25/2066(e)       107,870
  Series 2021-5 Class A1  
    593,351 1.01%, 09/25/2066(e)       510,571
  Series 2021-7 Class A1  
606,375 2.83%, 10/25/2066(d)   555,615
  Series 2021-8 Class A1  
252,108 2.82%, 11/25/2066(e)   230,826
  Series 2021-R2 Class A1  
52,980 0.92%, 02/25/2064(e)   50,436
  Series 2022-3 Class A1  
166,695 5.13%, 02/25/2067(d)   159,243
50,453 VOLT CII LLC(b)(d)
Series 2021-NP11 Class A1
5.87%,  08/25/2051   		50,449
355,000 WHARF Commercial Mortgage Trust(b)(e)
Series 2025-DC Class A
4.99%,  07/15/2040   		362,911
280,000 Willowbrook Mall(b)(e)
Series 2025-WBRK Class A
5.87%,  03/05/2035   		287,669
    87,588,508
U.S. Government Agency — 30.02%
  Connecticut Avenue Securities Trust(b)(c)  
  Series 2021-R03 Class 1M2  
119,792 5.31%, 12/25/2041
1-mo. SOFR + 1.65% 		119,975
  Series 2026-R01 Class 2A1  
1,034,719 4.51%, 01/25/2046
1-mo. SOFR + 0.85% 		1,028,252
  Series 2021-R01 Class 1M2  
57,763 5.21%, 10/25/2041
1-mo. SOFR + 1.55% 		57,800
  Series 2024-R01 Class 1M2  
175,000 5.46%, 01/25/2044
1-mo. SOFR + 1.80% 		176,362
  Series 2024-R02 Class 1M2  
107,000 5.46%, 02/25/2044
1-mo. SOFR + 1.80% 		107,033
  Series 2024-R03 Class 2M2  
375,000 5.61%, 03/25/2044
1-mo. SOFR + 1.95% 		375,585
  Federal Home Loan Mortgage Corp  
31,010 3.00%, 09/01/2027   30,747
1,473 6.00%, 11/01/2033   1,502
6,052 6.00%, 04/01/2035   6,201
4,409 4.50%, 05/01/2035   4,361
18,465 5.50%, 08/01/2035   18,933
9,286 4.50%, 11/01/2035   9,303
2,434 6.50%, 02/01/2036   2,550
3,955 4.50%, 03/01/2036   3,911
5,068 6.00%, 03/01/2036   5,317
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
      7,859 5.50%, 08/01/2036   $      7,952
      5,509 7.00%, 08/01/2037         5,785
    699,187 2.50%, 02/01/2038       663,137
     25,862 5.00%, 04/01/2038        26,137
1,522,598 5.50%, 05/01/2038   1,554,149
     39,307 4.50%, 03/01/2039        38,901
     37,574 4.50%, 05/01/2039        37,232
1,515,993 5.50%, 06/01/2040   1,546,837
44,429 4.00%, 09/01/2040   42,911
112,217 5.00%, 09/01/2040   113,411
10,767 4.00%, 09/01/2043   10,365
112,289 4.50%, 04/01/2044   110,919
259,475 4.50%, 12/01/2044   255,988
688,459 3.00%, 02/01/2049   625,561
37,788 3.50%, 07/01/2049   35,309
996,949 4.00%, 03/01/2050   947,994
1,632,758 4.50%, 03/01/2050 1,600,045
308,918 3.50%, 05/01/2050   285,625
92,048 2.50%, 11/01/2050   78,980
581,843 4.50%, 11/01/2050   564,031
789,124 2.50%, 02/01/2051   670,755
1,225,486 2.00%, 03/01/2051   998,334
2,203,826 2.00%, 05/01/2051   1,791,070
2,197,604 2.50%, 05/01/2051 1,878,109
2,479,986 2.50%, 08/01/2051   2,130,230
27,360 2.00%, 09/01/2051   22,171
682,408 2.50%, 09/01/2051   585,523
667,130 2.00%, 11/01/2051   544,273
2,866,501 2.00%, 01/01/2052 2,313,570
473,881 2.00%, 02/01/2052   381,957
27,533 2.00%, 03/01/2052   22,277
974,793 2.00%, 04/01/2052   786,934
524,847 4.50%, 04/01/2052   507,836
1,164,318 2.00%, 06/01/2052 943,413
2,229,250 3.00%, 08/01/2052   1,992,385
2,253,310 3.00%, 11/01/2052   1,983,963
254,084 6.00%, 11/01/2052   264,044
668,264 6.00%, 01/01/2053   694,463
1,546,872 4.50%, 05/01/2053   1,512,315
3,341,696 6.00%, 06/01/2054   3,408,641
1,358,868 6.00%, 09/01/2054   1,386,050
3,666,069 6.00%, 12/01/2054   3,737,071
3,050,255 5.50%, 01/01/2055   3,090,248
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K068 Class A2  
190,000 3.24%, 08/25/2027   187,847
  Series K104 Class X1  
943,829 1.11%, 01/25/2030(e)   33,036
  Series K111 Class X1  
561,751 1.56%, 05/25/2030(e)   30,220
  Series K112 Class X1  
1,103,258 1.43%, 05/25/2030(e)   55,640
  Series K114 Class X1  
1,441,909 1.11%, 06/25/2030(e)   57,194
  Series K122 Class X1  
436,864 0.87%, 11/25/2030(e)   14,535
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
  Series K-152 Class A2  
    500,000 3.78%, 11/25/2032(e)   $    481,928
  Series K-161 Class A2  
    500,000 4.90%, 10/25/2033(e)       511,846
  Series K510 Class A2  
    175,000 5.07%, 10/25/2028(e)       178,531
  Series K545 Class A2  
935,000 4.29%, 07/25/2030(e)   936,498
  Series K547 Class A2  
950,000 4.42%, 05/25/2030(e)   956,003
  Series K549 Class A2  
925,000 4.34%, 09/25/2030(e)   927,764
  Series KF153 Class AS  
226,017 4.35%, 02/25/2033(c)
1-mo. SOFR + 0.68% 		226,611
  Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit  
  Series 3883 Class PB  
11,689 3.00%, 05/15/2041   11,202
  Series 4097 Class KA  
2,549 2.00%, 09/15/2031   2,543
  Series 4142 Class PT  
8,867 1.25%, 12/15/2027   8,696
  Series 4146 Class AB  
6,954 1.13%, 12/15/2027   6,827
  Series 4961 Class JB  
100,946 2.50%, 12/15/2042   92,614
  Series 5170 Class DP  
305,821 2.00%, 07/25/2050   270,096
  Series 5502 Class FG  
321,668 4.66%, 02/25/2055(c)
1-mo. SOFR + 1.00% 		322,123
  Series 5544 Class B  
748,608 5.00%, 08/25/2052   749,961
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(b)(c)  
  Series 2021-DNA5 Class M2  
19,186 5.31%, 01/25/2034
1-mo. SOFR + 1.65% 		19,186
  Series 2022-DNA3 Class M1B  
635,000 6.56%, 04/25/2042
1-mo. SOFR + 2.90% 		646,373
  Series 2022-DNA4 Class M1B  
250,000 7.01%, 05/25/2042
1-mo. SOFR + 3.35% 		255,313
  Series 2025-DNA2 Class A1  
312,500 4.76%, 05/25/2045
1-mo. SOFR + 1.10% 		312,875
  Series 2021-DNA6 Class B1  
800,000 7.06%, 10/25/2041
1-mo. SOFR + 3.40% 		808,625
  Series 2022-DNA2 Class M2  
395,000 7.41%, 02/25/2042
1-mo. SOFR + 3.75% 		403,150
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
  Series 2022-DNA5 Class M1B  
    695,000 8.16%, 06/25/2042
1-mo. SOFR + 4.50% 		$    720,951
  Series 2022-DNA7 Class M1B  
    515,000 8.66%, 03/25/2052
1-mo. SOFR + 5.00% 		    541,179
  Series 2022-HQA3 Class M1B  
    265,000 7.21%, 08/25/2042
1-mo. SOFR + 3.55% 		    272,464
  Series 2023-HQA1 Class M1B  
160,000 7.16%, 05/25/2043
1-mo. SOFR + 3.50% 		167,046
  Series 2023-HQA3 Class A1  
85,494 5.51%, 11/25/2043
1-mo. SOFR + 1.85% 		86,090
  Series 2025-DNA3 Class A1  
844,750 4.61%, 09/25/2045
1-mo. SOFR + 0.95% 		842,967
  Federal National Mortgage Association  
143,884 3.50%, 01/01/2031   141,400
3,209 4.50%, 08/01/2035   3,176
1,131 6.00%, 02/01/2036   1,158
10,985 5.50%, 03/01/2036   11,240
10,731 6.00%, 03/01/2037   11,196
21,029 6.00%, 08/01/2037   21,941
8,454 6.50%, 08/01/2037   8,852
17,830 2.00%, 07/01/2041   15,565
95,214 4.00%, 10/01/2041   91,944
375,562 3.50%, 08/01/2043   354,742
207,056 4.00%, 01/01/2045   199,439
118,819 3.50%, 08/01/2045   111,571
638,121 4.00%, 08/01/2045   617,955
278,857 4.00%, 10/01/2046   267,704
288,346 3.50%, 01/01/2047   268,168
20,275 4.50%, 01/01/2048   19,860
119,729 4.00%, 02/01/2049   114,645
363,042 3.50%, 07/01/2049   337,468
338,687 4.50%, 07/01/2049   331,277
259,680 3.50%, 08/01/2049   241,593
669,933 3.00%, 12/01/2049   595,757
1,429,754 3.00%, 04/01/2050 1,274,604
392,654 3.50%, 05/01/2050   363,016
610,211 2.50%, 06/01/2050   523,628
184,740 2.50%, 07/01/2050   157,088
708,930 2.50%, 09/01/2050   609,691
2,462,599 2.00%, 10/01/2050   2,005,637
1,640,414 2.00%, 11/01/2050   1,336,017
833,689 2.50%, 01/01/2051   706,716
39,392 2.50%, 02/01/2051   33,799
60,714 2.50%, 03/01/2051   52,321
194,060 2.00%, 04/01/2051   157,576
847,074 2.00%, 05/01/2051   687,771
9,590,099 2.50%, 06/01/2051   8,136,565
933,130 3.00%, 07/01/2051   820,316
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
     77,280 2.50%, 09/01/2051   $     66,357
    829,942 2.00%, 10/01/2051       671,689
    304,639 2.50%, 10/01/2051       262,295
319,823 2.50%, 11/01/2051     275,600
  1,151,688 2.00%, 01/01/2052       932,507
1,630,096 2.00%, 02/01/2052   1,318,259
3,945,090 2.00%, 04/01/2052   3,192,035
2,495,597 2.50%, 04/01/2052   2,100,328
3,414,270 2.00%, 06/01/2052 2,758,354
1,030,783 3.00%, 06/01/2052   909,892
55,646 2.00%, 07/01/2052   44,956
709,456 5.50%, 09/01/2052   724,567
729,678 5.50%, 04/01/2053   740,643
2,724,247 5.50%, 06/01/2053   2,745,827
1,928,471 6.00%, 12/01/2053   1,968,408
2,757,491 6.50%, 01/01/2054   2,854,259
3,103,623 5.50%, 09/01/2054   3,120,544
2,400,263 5.00%, 10/01/2054   2,369,214
  Series 2012-52 Class PA  
20,849 4.00%, 07/01/2026   20,261
  Federal National Mortgage Association Alternative Credit Enhancement Securities(e)  
  Series 2019-M21 Class X3  
1,813,849 1.13%, 06/25/2034   102,934
  Series 2020-M2 Class X  
4,252,865 0.30%, 01/25/2030   32,985
39,325 Federal National Mortgage Association Interest Strip
Series 415 Class A3
3.00%,  11/25/2042   		36,125
  Federal National Mortgage Association Real Estate Mortgage Investment Conduit  
  Series 2012-103 Class HB  
7,430 1.50%, 09/25/2027   7,313
  Series 2012-18 Class GA  
19,002 2.00%, 12/25/2041   17,873
  Series 2012-21 Class PQ  
9,294 2.00%, 09/25/2041   8,841
  Series 2013-9 Class PT  
8,376 1.25%, 02/25/2028   8,193
  Series 2015-48 Class QB  
7,750 3.00%, 02/25/2043   7,642
  Series 2015-5 Class EP  
41,932 2.00%, 06/25/2043   40,360
  Series 2016-11 Class GA  
27,735 2.50%, 03/25/2046   25,979
  Series 2016-38 Class NA  
14,546 3.00%, 01/25/2046   13,618
  Series 2017-16 Class PB  
288,000 3.00%, 03/25/2047   252,478
  Series 2017-26 Class CG  
7,133 3.50%, 07/25/2044   7,097
  Series 2017-34 Class JK  
7,046 3.00%, 05/25/2047   6,928
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
  Series 2017-35 Class AH  
      8,614 3.50%, 04/25/2053   $      8,576
  Series 2017-49 Class JA  
     12,804 4.00%, 07/25/2053        12,762
  Series 2017-84 Class KA  
     15,654 3.50%, 04/25/2053        15,548
  Series 2018-23 Class LA  
30,112 3.50%, 04/25/2048   28,807
  Series 2018-70 Class HA  
26,431 3.50%, 10/25/2056   25,820
  Series 2019-12 Class HA  
54,842 3.50%, 11/25/2057   52,707
  Series 2019-14 Class CA  
47,739 3.50%, 04/25/2049   46,059
  Series 2019-45 Class PT  
48,688 3.00%, 08/25/2049   44,187
  Series 2020-1 Class AC  
185,296 3.50%, 08/25/2058   176,811
  Series 2022-90 Class AY  
680,000 4.50%, 12/25/2041   672,769
  Series 2025-11 Class FB  
634,813 4.66%, 03/25/2055(c)
1-mo. SOFR + 1.00% 		636,590
  Government National Mortgage Association  
3,250,000 3.50%, TBA   2,966,211
4,000,000 4.50%, TBA   3,863,605
3,500,000 5.00%, TBA   3,466,058
1,000,000 5.50%, TBA   1,006,369
2,000,000 6.00%, TBA   2,033,612
122,537 4.00%, 02/20/2045   117,657
26,830 3.00%, 12/20/2045   24,337
62,385 4.50%, 01/20/2046   61,654
107,073 4.50%, 06/20/2048   105,352
106,617 4.50%, 07/20/2048   105,070
113,231 4.50%, 09/20/2048   111,483
113,182 4.50%, 10/20/2048   111,399
96,010 4.50%, 01/20/2049   94,528
107,357 4.50%, 02/20/2049   105,535
235,056 3.50%, 12/20/2049   218,577
224,902 3.50%, 01/20/2050   209,963
1,111,057 3.00%, 03/20/2050   994,468
501,140 3.50%, 10/20/2050   468,009
1,479,668 2.00%, 12/20/2050   1,223,051
2,413,456 2.50%, 03/20/2051   2,077,619
62,419 3.00%, 03/20/2051   55,840
56,492 3.00%, 06/20/2051   50,479
2,523,988 2.50%, 08/20/2051   2,172,770
3,696,477 2.50%, 09/20/2051 3,182,938
3,512,320 2.50%, 10/20/2051   3,023,739
2,348,135 3.00%, 10/20/2051   2,098,866
454,396 2.50%, 11/20/2051   391,010
1,698,433 2.00%, 12/20/2051   1,403,876
259,170 2.50%, 12/20/2051   223,016
833,877 3.00%, 05/20/2052   744,985
1,917,558 4.50%, 09/20/2052   1,867,326
821,945 4.50%, 11/20/2052   800,161
759,379 3.50%, 02/20/2053   704,882
2,308,130 5.50%, 05/20/2054   2,337,097
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Government Agency — (continued)
  3,081,344 6.00%, 07/20/2054   $  3,139,005
  2,947,735 5.50%, 12/20/2054     2,975,410
  3,205,315 6.00%, 01/20/2056     3,268,933
  3,023,817 5.50%, 02/20/2056     3,051,262
  Series 2013-37 Class LG  
      9,480 2.00%, 01/20/2042         9,346
  Series 2021-135 Class A  
1,353,719 2.00%, 08/20/2051   1,117,236
  Series 2025-110 Class J  
724,711 5.00%, 09/20/2051   723,166
  Uniform Mortgage-Backed Security(g)  
2,600,000 2.00%, TBA 2,162,267
8,787,000 2.50%, TBA   7,386,572
3,970,000 3.00%, TBA 3,623,741
6,000,000 4.00%, TBA   5,661,142
16,285,000 4.50%, TBA 15,877,116
4,140,000 5.00%, TBA 4,081,392
21,575,000 5.50%, TBA 21,667,146
8,255,000 6.00%, TBA 8,410,769
4,950,000 6.50%, TBA   5,117,120
    229,972,225
TOTAL MORTGAGE-BACKED SECURITIES — 41.45%
(Cost $323,704,714) 		$317,560,733
MUNICIPAL BONDS AND NOTES
  Maryland Economic Development Corp, RB  
270,000 4.97%,11/30/2032
276,238
110,000 5.02%,11/30/2033
112,500
80,000 Regents of The University of California
Medical Center Series H, RB
6.55%, 05/15/2048
84,881
575,000 State Board of Administration Finance Corp, RB
2.15%, 07/01/2030
529,222
85,000 State of California, GO
7.30%, 10/01/2039
97,648
TOTAL MUNICIPAL BONDS AND NOTES — 0.14%
(Cost $1,193,850) 		$1,100,489
U.S. GOVERNMENT AGENCY BONDS AND NOTES
  Federal Farm Credit Bank Funding Corp  
2,080,000 2.90%, 04/12/2032 1,944,284
760,000 2.85%, 03/28/2034 687,071
  Federal Home Loan Bank  
560,000 3.38%, 09/10/2032 535,456
Principal Amount(a)   Fair Value
U.S. Government Agency Bonds and Notes — (continued)
600,000 4.75%, 12/10/2032 $    617,641
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.50%
(Cost $4,008,277) 		$3,784,452
U.S. TREASURY BONDS AND NOTES
  U.S. Treasury Inflation Indexed Bonds TIPS  
3,439,808(h) 0.75%, 02/15/2042   2,649,240
14,145(h) 0.63%, 02/15/2043      10,417
1,360,525(h) 1.38%, 02/15/2044   1,123,859
1,042,700(h) 0.75%, 02/15/2045 748,800
3,850,009(h) 1.50%, 02/15/2053 1,695,291
  United States Treasury Note/Bond  
3,980,000 1.38%, 08/31/2026(i)(j) 3,941,288
265,000 1.13%, 02/28/2027 258,807
6,585,000 4.25%, 03/15/2027(f) 6,616,793
14,490,000 3.75%, 06/30/2027 14,478,680
430,000 0.38%, 09/30/2027 408,483
125,000 0.50%, 10/31/2027 118,638
8,765,000 4.13%, 11/15/2027 8,802,662
3,820,000 0.75%, 01/31/2028 3,613,332
2,510,000 1.25%, 05/31/2028 2,377,048
2,870,000 1.25%, 06/30/2028 2,712,598
23,375,000 3.63%, 08/15/2028 23,275,474
9,240,000 4.63%, 04/30/2029 9,449,344
5,505,000 4.13%, 11/30/2029 5,550,588
11,850,000 1.50%, 02/15/2030 10,843,675
3,290,000 4.00%, 03/31/2030 3,301,823
1,340,000 3.75%, 06/30/2030 1,331,311
1,710,000 4.63%, 09/30/2030 1,758,561
2,000,000 3.88%, 03/31/2031 1,993,594
3,045,000 1.38%, 11/15/2031 2,640,586
13,920,000 4.50%, 12/31/2031 14,250,600
1,825,000 4.38%, 01/31/2032 1,856,082
3,620,000 2.75%, 08/15/2032 3,348,076
2,480,000 4.25%, 03/31/2033 2,497,050
5,175,000 4.25%, 11/15/2034 5,173,585
8,830,000 4.63%, 02/15/2035 9,059,718
6,145,000 4.00%, 11/15/2035 5,994,255
400,000 4.25%, 05/15/2039 388,234
560,000 4.50%, 08/15/2039 554,663
2,380,000 4.38%, 05/15/2040 2,311,668
3,275,000 1.13%, 08/15/2040 2,041,630
6,770,000 1.88%, 02/15/2041 4,690,076
1,405,000 4.75%, 02/15/2041 1,412,629
1,500,000 4.00%, 11/15/2042 1,357,324
3,900,000 3.13%, 02/15/2043 3,122,590
1,200,000 3.88%, 05/15/2043 1,063,547
350,000 4.38%, 08/15/2043 330,354
1,566,000 3.63%, 02/15/2044 1,330,244
680,000 4.63%, 05/15/2044 659,467
610,000 3.13%, 08/15/2044 478,207
3,155,000 2.50%, 02/15/2045 2,212,567
1,150,000 4.88%, 08/15/2045 1,146,227
3,010,000 2.50%, 02/15/2046 2,076,665
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
U.S. Treasury Bonds and Notes — (continued)
1,500,000 2.88%, 11/15/2046 $  1,096,465
1,500,000 3.00%, 02/15/2047   1,117,617
6,596,000 3.00%, 05/15/2047   4,902,168
2,570,000 3.00%, 02/15/2048   1,895,174
1,580,000 3.13%, 05/15/2048   1,189,012
1,915,000 3.38%, 11/15/2048   1,500,657
1,280,000 2.88%, 05/15/2049     910,000
910,000 2.38%, 11/15/2049 579,734
5,100,000 1.25%, 05/15/2050 2,420,309
2,730,000 1.63%, 11/15/2050 1,424,399
1,365,000 2.25%, 02/15/2052 822,626
3,485,000 3.00%, 08/15/2052 2,477,345
6,331,400 4.00%, 11/15/2052 5,439,810
2,995,000 3.63%, 05/15/2053 2,401,499
3,128,000 4.25%, 08/15/2054 2,801,515
2,745,000 4.63%, 02/15/2055 2,618,151
930,000 4.75%, 05/15/2055 905,551
1,410,000 4.75%, 08/15/2055 1,374,089
2,225,000 4.75%, 02/15/2056 2,170,070
  United States Treasury Strip Coupon(k)  
1,842,000 3.93%, 11/15/2029 1,599,831
390,000 3.98%, 08/15/2030 328,209
390,000 3.99%, 11/15/2030 324,816
1,150,000 4.06%, 08/15/2031 926,423
1,510,000 4.08%, 11/15/2031 1,202,990
831,000 4.10%, 05/15/2032 647,668
390,000 4.23%, 08/15/2033 286,294
870,000 4.41%, 08/15/2035 577,581
TOTAL U.S. TREASURY BONDS AND NOTES — 28.85%
(Cost $231,866,337) 		$220,996,353
Shares    
GOVERNMENT MONEY MARKET MUTUAL FUNDS
8,508,688 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(l), 3.60%(m) 8,508,688
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.11%
(Cost $8,508,688) 		$8,508,688
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 6.77%
  U.S. Treasury Bills(k)  
6,405,100 3.65%, 04/07/2026(f)
$  6,401,205
4,295,000 3.64%, 04/14/2026
  4,289,358
3,960,000 3.66%, 04/16/2026
  3,953,978
2,185,000 3.64%, 04/21/2026
  2,180,596
3,085,000 3.64%, 04/28/2026
  3,076,602
1,870,000 3.63%, 04/30/2026
1,864,544
3,170,000 3.64%, 05/05/2026
3,159,152
15,530,000 3.61%, 05/07/2026
15,474,179
11,550,000 3.61%, 05/19/2026
11,494,645
1,000 3.65%, 05/26/2026
994
TOTAL SHORT TERM INVESTMENTS — 6.77%
(Cost $51,895,253) 		$51,895,253
TOTAL INVESTMENTS BEFORE TBA SALE COMMITMENTS — 111.05%
(Cost: $872,471,170) 		$850,748,769
TBA SALE COMMITMENTS
U.S. Government Agency — (0.38%)
  Uniform Mortgage-Backed Security(g)  
(1,000,000) 3.00%, TBA   (878,179)
(2,000,000) 6.50%, TBA   (2,069,008)
    (2,947,187)
TBA SALE COMMITMENTS — (0.38)%
(Proceeds $(2,969,375)) 		$(2,947,187)
TOTAL INVESTMENTS NET OF TBA SALE COMMITMENTS — 110.67%
(Cost $869,501,795) 		$847,801,582
OTHER ASSETS & LIABILITIES, NET — (10.67)% $(81,742,722)
TOTAL NET ASSETS — 100.00% $766,058,860
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
(a)  Amount is stated in U.S. dollars unless otherwise noted.
(b)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $155,654,512, representing 20.32% of net assets.
(c)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(d)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield as of March 31, 2026. Maturity date disclosed represents final maturity date.
(e)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(f)  All or a portion of the security is on loan as of March 31, 2026.
(g)  Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.
(h)  Principal amount of the security is adjusted for inflation.
(i)  All or a portion of the security has been pledged as collateral to cover segregation requirements on open swaps.
(j)  All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.
(k)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(l)  Collateral received for securities on loan.
(m)  Rate shown is the 7-day yield as of March 31, 2026.
EURIBOR  Euro Interbank Offered Rate
GO  General Obligation Bonds
LP  Limited Partnership
RB  Revenue Bonds
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
TBA  To Be Announced
TIPS  Treasury Inflation Protected Securities
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
Euro - Schatz Futures 66 EUR 6,980 Jun 2026 $(42,798)
ICE 3-mo. SONIA Futures 64 GBP 15,302 Dec 2026 (179,673)
U.S. 10 Year Treasury Note Futures 174 USD 19,322 Jun 2026 (382,484)
U.S. 10 Year Treasury Ultra Futures 32 USD 3,633 Jun 2026 (35,809)
U.S. 2 Year Treasury Note Futures 324 USD 67,212 Jun 2026 (286,189)
U.S. 5 Year Treasury Note Futures 12 USD 1,298 Jun 2026 (690)
U.S. Long Bond Futures 224 USD 25,508 Jun 2026 (676,157)
U.S. Ultra Bond Futures 156 USD 18,184 Jun 2026 (505,622)
Short          
U.S. 10 Year Treasury Note Futures 45 USD 4,997 Jun 2026 20,120
U.S. 10 Year Treasury Ultra Futures 69 USD 7,833 Jun 2026 131,914
U.S. 5 Year Treasury Note Futures 12 USD 1,298 Jun 2026 600
        Net Depreciation $(1,956,788)
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation
DB USD 3,363,242 EUR 2,839,207 05/22/2026 $73,107
SSB USD 393,831 EUR 334,221 05/22/2026 6,528
          Net Appreciation $79,635
             
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation 		Notional Amount
(000)(a)
Value 		  Upfront
Payments/
Receipts 		Fixed
Deal
Pay/Receive
Rate 		Maturity
Date 		Net Unrealized
Appreciation/
(Depreciation) 		Implied
Credit
Spread(b) 		Receive
Frequency 		Pay
Frequency
Sell Credit Protection                      
CDX.NA.IG.43(c) USD 11,600 $208,207   $198,389 3.00% 12/20/2029 $9,818 0.48% Quarterly -
CDX.NA.IG.45(c) USD 28,983 511,643   571,475 6.00 12/20/2030 (59,832) 0.59 Quarterly -
Oracle Corp USD 985 (31,629)   (10,568) 3.00 12/20/2030 (21,061) 1.76 Quarterly -
CDX.NA.IG.45(c) USD 5,575 98,416   108,887 1.00 12/20/2030 (10,471) 0.59 Quarterly -
Paramount Global USD 90 (9,180)   (9,184) 1.00 06/20/2031 4 3.35 Quarterly -
      $777,457   $858,999   Net Depreciation $(81,542)      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(c) Based on an index of North American bonds with investment grade credit ratings that trade in the credit default swap market.
As of March 31, 2026, the Fund held the following centrally cleared interest rate swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value Upfront
Payments
/Receipts 		Net Unrealized
Appreciation/
(Depreciation)
1-day SOFR Annually 3.06% Annually USD 3,110 08/31/2027 $18,282 $(17,366) $35,648
1-day TONA Annually 1.25% Annually JPY 2,780,130 12/15/2027 42,612 (24,542) 67,154
1-day SOFR Annually 3.18% Annually USD 11,780 03/15/2028 82,629 (19,604) 102,233
1-day EUROSTR Annually 2.00% Annually EUR 140 06/17/2028 1,929 80,293 (78,364)
3.75% Annually 1-day SONIA Annually GBP 7,790 06/17/2028 (92,413) (17,072) (75,341)
1-day CORRA Semi-Annually 2.75% Semi-Annually CAD 1,950 06/17/2028 1,319 4,511 (3,192)
1-day SONIA Annually 4.00% Annually GBP 820 06/17/2028 4,650 1,027 3,623
1-day CORRA Semi-Annually 2.50% Semi-Annually CAD 960 06/17/2028 3,982 (507) 4,489
6-mo. EURIBOR Semi-Annually 2.50% Annually EUR 1,140 06/17/2028 9,928 1,416 8,512
1-day SOFR Annually 3.25% Annually USD 1,950 06/17/2028 12,931 3,950 8,981
3-mo. BBSW Quarterly 4.50% Quarterly AUD 3,320 06/17/2028 7,938 (4,969) 12,907
6-mo. EURIBOR Semi-Annually 2.25% Annually EUR 2,390 06/17/2028 34,074 3,124 30,950
1-day SOFR Annually 3.00% Annually USD 8,780 06/17/2028 100,262 52,263 47,999
3.75% Annually 1-day EUROSTR Annually EUR 47,769 09/10/2028 (311,470) 170,402 (481,872)
6-mo. EURIBOR Semi-Annually 2.50% Annually EUR 47,769 09/10/2028 193,561 120,816 72,745
1-day SOFR Annually 3.30% Annually USD 9,140 08/31/2030 103,535 44,807 58,728
2.50% Annually 6-mo. EURIBOR Semi-Annually EUR 5,100 06/17/2031 (112,098) 6,574 (118,672)
3.75% Semi-Annually 3-mo. BBR-FRA Quarterly NZD 8,540 06/17/2031 (74,421) (12,375) (62,046)
4.00% Annually 1-day SONIA Annually GBP 2,460 06/17/2031 (25,692) 18,789 (44,481)
4.75% Semi-Annually 6-mo. BBSW Semi-Annually AUD 7,160 06/17/2031 (31,952) (5,975) (25,977)
1-day TONA Annually 1.25% Annually JPY 4,099,000 06/17/2031 686,054 471,463 214,591
3.38% Annually 1-day SOFR Annually USD 4,460 08/31/2031 (49,891) (36,727) (13,164)
1-day TONA Annually 2.00% Annually JPY 312,148 01/11/2033 11,213 (2,251) 13,464
1-day SOFR Annually 3.41% Annually USD 7,740 01/31/2033 131,870 (19,144) 151,014
3.00% Annually 6-mo. EURIBOR Semi-Annually EUR 2,240 05/15/2035 (20,109) 7,512 (27,621)
1.50% Annually 1-day TONA Annually JPY 436,000 06/17/2036 (173,690) (148,310) (25,380)
4.00% Semi-Annually 3-mo. BBR-FRA Quarterly NZD 1,910 06/17/2036 (37,360) (13,992) (23,368)
5.00% Semi-Annually 6-mo. BBSW Semi-Annually AUD 2,090 06/17/2036 (6,777) 13,554 (20,331)
3.25% Semi-Annually 1-day CORRA Semi-Annually CAD 700 06/17/2036 321 9,578 (9,257)
4.25% Annually 6-mo. NIBOR Semi-Annually NOK 3,260 06/17/2036 (4,780) (2,850) (1,930)
1-day SONIA Annually 4.25% Annually GBP 930 06/17/2036 16,662 11,219 5,443
0.50% Annually 1-day SARON Annually CHF 910 06/17/2036 (8,210) (13,665) 5,455
3-mo. STIBOR Quarterly 2.75% Annually SEK 13,660 06/17/2036 42,203 33,606 8,597
1-day SOFR Annually 3.75% Annually USD 1,000 06/17/2036 9,604 (13,843) 23,447
6-mo. EURIBOR Semi-Annually 2.75% Annually EUR 4,740 06/17/2036 159,155 22,411 136,744
1-day SOFR Annually 3.81% Annually USD 2,500 08/31/2036 15,187 5,043 10,144
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER CORE BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following centrally cleared interest rate swaps — (continued)
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
2.16% Annually 1-day TONA Annually JPY 504,575 08/02/2044 $(166,837)   $(156,396)   $(10,441)
1-day SOFR Annually 4.16% Annually USD 3,955 03/19/2045 (11,972)   (3,878)   (8,094)
1-day SOFR Annually 2.88% Annually USD 440 03/15/2053 90,202   4,393   85,809
1-day SOFR Annually 2.97% Annually USD 1,235 03/15/2053 235,052   (1,232)   236,284
1-day SOFR Annually 3.25% Annually USD 365 06/21/2053 52,996   342   52,654
1-day SOFR Annually 3.59% Annually USD 670 09/20/2053 60,059   746   59,313
2.50% Annually 1-day TONA Annually JPY 55,500 06/17/2056 (38,041)   (24,128)   (13,913)
6-mo. EURIBOR Semi-Annually 3.00% Annually EUR 410 06/17/2056 9,677   1,711   7,966
              $972,174   $550,724   $421,450
Abbreviations  
BBR-FRA New Zealand Dollar Bank Bill Rate-Forward Rate Agreement Basis Swap
BBSW Australian Bank Bill Swap Rate
CORRA Canadian Overnight Repo Rate Average
DB Deutsche Bank
EURIBOR Euro Interbank Offered Rate
EUROSTR Euro short term rate
NIBOR Norwegian Interbank Offered Rate
SARON Swiss Average Rate Overnight interest rate
SOFR Secured Overnight Financing Rate
SONIA Sterling Overnight Interbank Average Rate
SSB State Street Bank
STIBOR Swedish Krona Stockholm Interbank Offered Rate
TONA Tokyo Overnight Average Rate
Currency Abbreviations  
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
EUR Euro Dollar
GBP British Pound
JPY Japanese Yen
NOK Norwegian Krone
NZD New Zealand Dollar
SEK Swedish Krona
USD U.S. Dollar
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 1.64%
397,000 Aligned Data Centers Issuer LLC(b)
Series 2023-1A Class A2
6.00%, 08/17/2048 		$    398,862
228,000 AutoNation Finance Trust(b)
Series 2025-1A Class A3
4.62%, 11/13/2029 		    229,011
  Avis Budget Rental Car Funding AESOP LLC(b)  
  Series 2023-4A Class A  
370,000 5.49%, 06/20/2029     376,946
  Series 2023-8A Class A  
281,000 6.02%, 02/20/2030 291,377
  Series 2025-2A Class A  
326,000 5.12%, 08/20/2031 330,424
  Series 2025-3A Class A  
113,000 4.17%, 02/20/2030 112,063
545,000 Ballyrock Ltd(b)(c)
Series 2023-24A Class A1R
4.99%, 07/15/2038
3-mo. SOFR + 1.32% 		544,715
46,683 Carvana Auto Receivables Trust
Series 2021-N2 Class C
1.07%, 03/10/2028 		45,842
  CyrusOne Data Centers Issuer I LLC(b)  
  Series 2023-1A Class B  
105,307 5.45%, 04/20/2048 104,046
  Series 2023-2A Class A2  
502,000 5.56%, 11/20/2048 502,661
1,490,000 DataBank Issuer II LLC(b)
Series 2025-1A Class A2
5.18%, 09/27/2055 		1,445,318
85,094 Ent Auto Receivables Trust(b)
Series 2023-1A Class A3
6.24%, 01/16/2029 		85,444
983,047 Ford Auto Securitization Trust II(b)
Series 2022-AA Class A3
CAD, 5.40%, 09/15/2028 		715,788
975,000 Invesco US Ltd(b)(c)
Series 2023-3A Class AR
4.98%, 07/15/2038
3-mo. SOFR + 1.31% 		975,126
619,000 Merchants Fleet Funding LLC(b)
Series 2025-1A Class A
4.49%, 01/20/2039 		619,901
197,425 Mosaic Solar Loan Trust(b)
Series 2023-2A Class A
5.36%, 09/22/2053 		188,381
680,000 Octagon Ltd(b)(c)
Series 2023-2A Class A1R
5.07%, 04/20/2038
3-mo. SOFR + 1.40% 		680,451
582,940 OneMain Financial Issuance Trust(b)
Series 2020-2A Class A
1.75%, 09/14/2035 		574,958
Principal Amount(a)   Fair Value
Non-Agency — (continued)
124,000 PenFed Auto Receivables Owner Trust(b)
Series 2025-A Class A3
4.03%, 07/15/2030 		$    123,697
575,000 Regatta XXV Funding Ltd(b)(c)
Series 2023-1A Class A1R
5.01%, 07/15/2038
3-mo. SOFR + 1.34% 		    575,415
565,000 Retained Vantage Data Centers Issuer LLC(b)
Series 2023-1A Class A2A
5.00%, 09/15/2048 		    563,396
148,352 SpringCastle America Funding LLC(b)
Series 2020-AA Class A
1.97%, 09/25/2037 		    139,770
85,866 Sunnova Hestia I Issuer LLC(b)
Series 2023-GRID1 Class 1A
5.75%, 12/20/2050 		     83,992
637,833 Textainer Marine Containers VII Ltd(b)
Series 2021-1A Class A
1.68%, 02/20/2046 		    599,408
742,050 TIF Funding III LLC(b)
Series 2024-1A Class A
5.48%, 04/20/2049 		    745,145
202,287 Trinity Rail Leasing LLC(b)
Series 2020-2A Class A1
1.83%, 11/19/2050 		197,705
    11,249,842
U.S. Government Agency — 0.03%
193,847 Federal Home Loan Mortgage Corp Structured Pass Through Certificates
Series 2017-SR01 Class A3
3.09%, 11/25/2027 		190,184
TOTAL ASSET-BACKED SECURITIES — 1.67%
(Cost $11,424,700) 		11,440,026
CORPORATE BONDS AND NOTES
Basic Materials — 0.31%
400,000 Arkema SA
EUR, 3.50%, 09/09/2033 		442,648
  Corp Nacional del Cobre de Chile(b)  
540,000 5.95%, 01/08/2034 552,130
220,000 6.30%, 09/08/2053 220,933
200,000 Inversiones CMPC SA(b)
6.13%, 06/23/2033 		198,860
470,000 Mondi Finance PLC
EUR, 3.75%, 05/18/2033 		526,413
200,000 POSCO(b)
5.75%, 01/17/2028 		203,993
    2,144,977
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Communications — 1.56%
1,483,000 Alphabet Inc
5.65%, 02/15/2056 		$  1,478,230
  Amazon.com Inc  
934,000 EUR, 3.70%, 03/16/2035   1,067,488
770,000 EUR, 4.05%, 03/16/2039     873,523
543,000 5.80%, 03/13/2056     542,564
1,094,000 5.95%, 03/13/2066   1,097,586
  Charter Communications Operating LLC / Charter Communications Operating Capital  
357,000 5.85%, 12/01/2035 351,140
1,633,000 4.80%, 03/01/2050 1,207,370
924,000 3.85%, 04/01/2061 539,627
500,000 Informa PLC
EUR, 3.25%, 10/23/2030 		560,552
600,000 Koninklijke KPN NV
EUR, 3.38%, 02/17/2035 		659,200
1,150,000 Meta Platforms Inc
4.60%, 11/15/2032 		1,138,718
376,000 NTT Finance Corp(b)
EUR, 4.09%, 07/16/2037 		430,867
640,000 Vodafone Group PLC
EUR, 4.63%, 09/12/2055 		711,241
    10,658,106
Consumer, Cyclical — 0.78%
  Aptiv Swiss Holdings Ltd  
523,000 EUR, 4.25%, 06/11/2036 585,543
220,000 3.10%, 12/01/2051 135,718
  Ford Motor Credit Co LLC  
200,000 7.20%, 06/10/2030 210,666
900,000 7.12%, 11/07/2033 945,400
700,000 Gildan Activewear Inc(b)
4.70%, 10/07/2030 		692,622
1,500,000 Toyota Motor Finance Netherlands BV
EUR, 3.13%, 04/21/2028 		1,725,070
  Volkswagen International Finance NV(d)  
500,000 EUR, 4.38%, Perpetual 544,714
400,000 EUR, 5.99%, Perpetual 462,113
    5,301,846
Consumer, Non-Cyclical — 2.44%
  Anheuser-Busch InBev SA  
1,290,000 EUR, 2.75%, 03/17/2036 1,357,489
840,000 EUR, 3.88%, 05/19/2038 943,413
600,000 ASTM SpA
EUR, 2.38%, 11/25/2033 		608,863
  Autostrade per l'Italia SpA  
629,000 EUR, 2.25%, 01/25/2032 664,383
425,000 EUR, 4.63%, 02/28/2036 499,797
268,000 Avery Dennison Corp
EUR, 4.00%, 09/11/2035 		303,139
600,000 Bayer AG
EUR, 7.00%, 09/25/2083 		735,205
635,000 Becton Dickinson & Co
EUR, 3.83%, 06/07/2032 		731,465
Principal Amount(a)   Fair Value
Consumer, Non-cyclical — (continued)
  BMS Ireland Capital Funding Designated Activity Co  
403,000 EUR, 3.36%, 11/10/2033 $    451,980
451,000 EUR, 4.58%, 11/10/2055     506,080
790,000 Eurofins Scientific SE
EUR, 4.75%, 09/06/2030 		    944,456
428,000 Fiserv Funding ULC
EUR, 4.00%, 06/15/2036 		    467,345
  Global Payments Inc  
517,000 EUR, 4.88%, 03/17/2031     607,989
800,000 5.55%, 11/15/2035 770,911
  Kraft Heinz Foods Co  
381,000 5.00%, 06/04/2042 335,037
250,000 4.38%, 06/01/2046 195,461
700,000 Medtronic Inc
EUR, 4.15%, 10/15/2043 		773,580
1,170,000 Merck & Co Inc
5.55%, 12/04/2055 		1,136,189
374,000 Pfizer Investment Enterprises Pte Ltd
5.11%, 05/19/2043 		352,905
670,000 Royalty Pharma PLC
5.90%, 09/02/2054 		643,255
  Sartorius Finance BV  
300,000 EUR, 4.50%, 09/14/2032 354,969
700,000 EUR, 4.88%, 09/14/2035 835,883
1,500,000 Stryker Corp
EUR, 2.13%, 11/30/2027 		1,704,946
646,000 Viatris Inc
4.00%, 06/22/2050 		423,393
300,000 Werfen SA
EUR, 3.63%, 02/12/2032 		340,054
    16,688,187
Energy — 1.96%
  Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc  
291,000 EUR, 3.81%, 03/11/2034 332,120
318,000 EUR, 4.19%, 03/11/2038 361,707
344,000 EUR, 4.74%, 03/11/2046 392,850
  Eni SpA(b)  
336,000 5.50%, 05/15/2034 344,179
431,000 5.95%, 05/15/2054 428,826
  Petroleos Mexicanos  
1,894,000 5.95%, 01/28/2031 1,810,802
3,543,000 6.70%, 02/16/2032 3,467,464
59,000,000 MXN, 10.80%, 08/08/2034 3,257,707
400,000 Repsol E&P Capital Markets US LLC(b)
5.98%, 09/16/2035 		407,171
440,000 Var Energi ASA
EUR, 7.86%, 11/15/2083 		548,529
1,300,000 Wintershall Dea Finance 2 BV(d)
EUR, 3.00%, Perpetual 		1,433,202
600,000 Wintershall Dea Finance BV
EUR, 1.82%, 09/25/2031 		611,587
    13,396,144
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — 5.97%
700,000 Aareal Bank AG
EUR, 5.63%, 12/12/2034 		$    824,136
492,000 American National Group Inc
6.00%, 07/15/2035 		    479,644
580,000 Apollo Debt Solutions BDC(b)
5.70%, 01/23/2031 		    565,805
  Ares Capital Corp  
335,000 5.50%, 09/01/2030     329,026
335,000 5.80%, 03/08/2032     330,524
1,692,000 Avolon Holdings Funding Ltd(b)
2.75%, 02/21/2028 		  1,631,710
  Banco Santander SA  
500,000 EUR, 3.50%, 10/02/2032 566,539
800,000 5.13%, 11/06/2035 779,904
400,000 Banque Federative du Credit Mutuel SA
EUR, 3.75%, 02/03/2034 		456,863
  Barclays PLC  
320,000 GBP, 9.25%, Perpetual(d) 445,786
250,000 EUR, 4.35%, 05/08/2035 290,349
560,000 EUR, 3.94%, 01/31/2036 629,081
  Blackstone Private Credit Fund  
453,000 6.25%, 01/25/2031 447,464
402,000 5.35%, 03/12/2031 381,825
  BNP Paribas SA  
200,000 EUR, 6.88%, Perpetual(d) 239,588
789,000 7.75%, Perpetual(b)(d) 813,844
500,000 EUR, 4.75%, 11/13/2032 600,776
  BPCE SA  
200,000 EUR, 3.63%, 10/01/2033 224,600
500,000 EUR, 4.00%, 01/20/2034 571,767
1,400,000 EUR, 2.13%, 10/13/2046 1,411,955
  Brown & Brown Inc  
210,000 5.25%, 06/23/2032 209,419
300,000 5.65%, 06/11/2034 302,550
310,000 5.55%, 06/23/2035 309,588
500,000 CaixaBank SA
EUR, 5.13%, 07/19/2034 		620,259
600,000 Canadian Imperial Bank of Commerce
6.50%, 07/28/2086 		586,484
420,000 CI Financial Corp(b)
EUR, 4.63%, 12/12/2031 		486,304
1,290,000 Citadel Finance LLC(b)
5.90%, 02/10/2030 		1,296,249
  Citigroup Inc  
680,000 EUR, 3.49%, 10/22/2034 754,546
830,000 EUR, 4.11%, 04/29/2036 952,773
400,000 Commerzbank AG(d)
EUR, 6.50%, Perpetual 		475,683
400,000 Cooperatieve Rabobank UA(d)
EUR, 4.88%, Perpetual 		456,896
1,100,000 Credit Agricole SA
EUR, 4.38%, 11/27/2033 		1,302,187
371,000 CTP NV
EUR, 4.25%, 03/10/2035 		412,671
  Deutsche Bank AG  
600,000 EUR, 7.38%, Perpetual(d) 718,022
400,000 EUR, 3.00%, 06/16/2029 456,065
900,000 EUR, 1.75%, 11/19/2030 965,852
Principal Amount(a)   Fair Value
Financial — (continued)
550,000 GA Global Funding Trust
EUR, 4.13%, 09/16/2035 		$    597,098
1,266,000 GLP Capital LP / GLP Financing II Inc REIT
5.75%, 11/01/2037 		  1,225,321
630,000 HSBC Holdings PLC
EUR, 3.91%, 05/13/2034 		    720,344
510,000 Huntington Bancshares Inc
5.61%, 01/28/2041 		    497,710
400,000 Indigo Group SAS
EUR, 4.50%, 04/18/2030 		    474,916
900,000 ING Groep NV
EUR, 3.50%, 08/17/2036 		    987,305
500,000 Intesa Sanpaolo SpA(d)
EUR, 9.13%, Perpetual 		    644,390
600,000 JAB Holdings BV
EUR, 5.00%, 06/12/2033 		726,211
1,070,000 Kreditanstalt fuer Wiederaufbau
EUR, 0.38%, 04/23/2030 		1,121,020
1,479,000 Mitsubishi UFJ Financial Group Inc
5.06%, 01/14/2037 		1,453,011
  Morgan Stanley  
560,000 EUR, 4.10%, 05/22/2036 642,391
917,000 4.89%, 10/22/2036 886,468
1,392,000 EUR, 3.98%, 01/23/2037 1,567,020
490,000 P3 Group SARL
EUR, 3.75%, 04/02/2033 		541,514
  Realty Income Corp REIT  
266,000 EUR, 5.13%, 07/06/2034 324,735
352,000 EUR, 3.88%, 06/20/2035 388,799
635,000 RLGH Finance Bermuda Ltd
8.25%, 07/17/2031 		694,569
350,000 Societe Generale SA(b)(d)
9.38%, Perpetual 		365,951
150,000 Store Capital LLC REIT
5.40%, 04/30/2030 		150,691
720,000 Sumitomo Mitsui Financial Group Inc
EUR, 3.69%, 10/06/2036 		802,041
680,000 UBS Group AG(b)(d)
7.00%, Perpetual 		661,013
  Volksbank Wien AG  
200,000 EUR, 5.75%, 06/21/2034 236,578
600,000 EUR, 5.50%, 12/04/2035 704,089
  WEA Finance LLC REIT(b)  
960,000 2.88%, 01/15/2027 948,105
125,000 4.13%, 09/20/2028 123,382
590,000 Western Alliance Bank
6.54%, 11/15/2035 		577,864
429,000 WP Carey Inc REIT
EUR, 3.70%, 11/19/2034 		468,349
    40,857,619
Industrial — 1.06%
768,000 Amcor UK Finance PLC
EUR, 3.95%, 05/29/2032 		873,094
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
2,500,000 Caterpillar Financial Services Corp
EUR, 3.74%, 09/04/2026 		$  2,902,613
  Cellnex Finance Co SA  
100,000 EUR, 3.50%, 05/22/2032     112,347
100,000 EUR, 2.00%, 02/15/2033     100,383
  Deutsche Bahn AG  
134,000 EUR, 1.38%, 03/03/2034     132,622
360,000 EUR, 0.63%, 04/15/2036     312,060
20,000 EUR, 1.13%, 05/29/2051 12,147
333,000 DS Smith PLC
EUR, 4.50%, 07/27/2030 		393,078
510,000 GFL Environmental Inc(b)
6.75%, 01/15/2031 		527,762
570,000 Heathrow Funding Ltd
EUR, 3.88%, 01/16/2036 		636,284
240,000 Prysmian SpA(d)
EUR, 5.25%, Perpetual 		281,646
100,000 Verallia SA
EUR, 4.38%, 11/14/2033 		111,100
  Vertiv Holdings Co  
570,000 5.80%, 03/15/2056 547,908
340,000 5.95%, 03/15/2066 325,416
    7,268,460
Technology — 1.09%
  Foundry JV Holdco LLC(b)  
640,000 6.25%, 01/25/2035 670,326
640,000 6.10%, 01/25/2036 659,279
630,000 6.20%, 01/25/2037 651,034
  Intel Corp  
450,000 5.70%, 02/10/2053 414,344
477,000 5.60%, 02/21/2054(e) 437,575
  Oracle Corp  
90,000 4.80%, 09/26/2032 85,711
780,000 5.20%, 09/26/2035 731,636
730,000 5.70%, 02/04/2036 701,887
410,000 3.60%, 04/01/2040 297,241
1,074,000 3.65%, 03/25/2041 764,327
588,000 5.95%, 09/26/2055 494,667
550,000 6.85%, 02/04/2066 505,627
140,000 Take-Two Interactive Software Inc
5.60%, 06/12/2034 		142,464
1,000,000 Ubisoft Entertainment SA
EUR, 0.88%, 11/24/2027 		931,130
    7,487,248
Utilities — 1.92%
540,000 Cadent Finance PLC
EUR, 3.75%, 04/16/2033 		612,965
  Electricite de France SA  
400,000 EUR, 7.50%, Perpetual(d) 493,670
1,000,000 EUR, 2.00%, 12/09/2049 683,159
400,000 Engie SA
EUR, 4.50%, 09/06/2042 		458,681
  Eversource Energy  
230,000 6.10%, 08/15/2056 227,157
Principal Amount(a)   Fair Value
Utilities — (continued)
117,000 6.35%, 08/15/2056 $    115,415
600,000 Fluxys SA
EUR, 4.00%, 11/28/2030 		    696,068
1,109,000 London Power Networks PLC
EUR, 3.84%, 06/11/2037 		  1,247,070
501,000 National Grid North America Inc
EUR, 4.67%, 09/12/2033 		    603,529
  NextEra Energy Capital Holdings Inc  
518,000 EUR, 4.75%, 02/26/2056     576,661
742,000 EUR, 4.50%, 05/15/2056     824,423
  Northumbrian Water Finance PLC  
549,000 GBP, 6.38%, 10/28/2034 740,613
310,000 GBP, 5.50%, 10/02/2037 378,122
360,000 Oncor Electric Delivery Co LLC
EUR, 3.63%, 06/15/2034 		405,879
694,000 Pacific Gas & Electric Co
5.20%, 05/01/2036 		676,392
420,000 PG&E Corp
7.38%, 03/15/2055 		422,694
460,000 RWE Finance US LLC(b)
5.88%, 04/16/2034 		475,512
146,000 Severn Trent Utilities Finance PLC
GBP, 5.25%, 04/04/2036 		182,335
1,659,000 Sierra Pacific Power Co
6.38%, 09/15/2056 		1,645,443
205,000 Spire Inc
6.25%, 06/01/2056 		202,714
1,000,000 Suez SACA
EUR, 5.00%, 11/03/2032 		1,220,092
200,000 Yorkshire Water Finance PLC
GBP, 6.60%, 04/17/2031 		273,153
    13,161,747
TOTAL CORPORATE BONDS AND NOTES — 17.09%
(Cost $120,252,865) 		116,964,334
FOREIGN GOVERNMENT BONDS AND NOTES
363,000 Africa Finance Corp
4.38%, 04/17/2026
362,631
420,000 Angolan Government International Bond(b)
9.88%, 03/31/2037
415,062
  Australia Government Bond  
2,675,000 AUD, 4.50%, 04/21/2033
1,809,535
1,385,000 AUD, 3.25%, 06/21/2039
786,501
500,000 AUD, 3.00%, 03/21/2047
243,901
90,000,000 Bonos de la Tesoreria de la Republica en pesos(b)
CLP, 4.70%, 09/01/2030
95,154
  Bundesrepublik Deutschland Bundesanleihe  
2,110,000 EUR, 2.71%, 08/15/2031
2,110,224
4,911,000 EUR, 2.30%, 02/15/2033
5,485,339
1,820,000 EUR, 2.20%, 02/15/2034
1,999,661
290,000 EUR, 4.75%, 07/04/2034
380,046
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
1,298,480 EUR, 2.50%, 02/15/2035
$  1,447,365
2,350,000 EUR, 2.97%, 05/15/2035
  2,076,081
1,500,000 EUR, 2.90%, 02/15/2036
  1,716,376
100,000 EUR, 4.00%, 01/04/2037
    125,399
989,000 EUR, 2.90%, 08/15/2056
  1,022,620
  Bundesschatzanweisungen  
1,630,000 EUR, 1.90%, 09/16/2027
  1,865,033
12,000,000 EUR, 2.00%, 12/16/2027
13,727,903
  Canadian Government Bond  
730,000 CAD, 1.50%, 12/01/2031
478,580
710,000 CAD, 4.00%, 06/01/2041
529,578
1,486,000 CAD, 2.75%, 12/01/2055
852,172
  Chile Government International Bond  
424,282 EUR, 3.80%, 07/01/2035
477,124
3,917,000 EUR, 3.88%, 04/14/2036
4,374,242
  China Government Bond  
4,300,000 CNY, 1.61%, 02/15/2035
614,189
3,530,000 CNY, 3.81%, 09/14/2050
644,512
39,830,000 CNY, 1.92%, 01/15/2055
5,239,633
15,000,000 CNY, 3.73%, 05/25/2070
2,881,614
  Colombian TES  
31,531,399,168 COP, 12.50%, 02/27/2030
8,146,249
41,746,099,456 COP, 13.25%, 02/09/2033
11,206,959
11,290,000 Czech Republic Government Bond
CZK, 3.00%, 03/03/2033
478,009
1,550,000 Denmark Government Bond
DKK, 4.50%, 11/15/2039
278,061
  Eagle Funding Luxco SARL  
4,100,000 5.50%, 08/17/2030(b)
4,121,525
4,850,000 5.50%, 08/17/2030
4,875,462
  European Union  
830,000 EUR, 3.13%, 12/04/2030
966,320
1,474,000 EUR, 0.20%, 06/04/2036
1,242,708
651,843 EUR, 3.75%, 10/12/2045
729,302
2,797,247 EUR, 3.00%, 03/04/2053
2,664,129
  Finland Government Bond(b)  
750,000 EUR, 0.50%, 09/15/2027
840,169
150,000 EUR, 3.00%, 09/15/2033
171,690
  French Republic Government Bond OAT(b)  
1,025,000 EUR, 2.75%, 02/25/2029
1,179,065
2,400,000 EUR, 3.00%, 05/25/2033
2,697,961
319,000 EUR, 3.00%, 11/25/2034
352,085
1,475,000 EUR, 4.00%, 10/25/2038
1,711,932
650,000 EUR, 3.25%, 05/25/2055
604,316
  Hellenic Republic Government Bond(b)  
339,000 EUR, 3.63%, 06/15/2035
387,776
211,000 EUR, 4.38%, 07/18/2038
251,714
70,000 Hungary Government Bond
HUF, 2.25%, 04/20/2033
154
  Iceland Rikisbref  
150,051,888 ISK, 6.50%, 01/24/2031
1,161,549
141,644,768 ISK, 7.00%, 09/17/2035
1,134,351
277,746,561 ISK, 6.50%, 02/15/2038
2,158,099
286,078,016 ISK, 4.50%, 02/17/2042
1,798,514
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
  Indonesia Treasury Bond  
18,826,999,808 IDR, 7.00%, 09/15/2030
$  1,117,618
10,000,000,000 IDR, 8.38%, 03/15/2034
    640,959
550,000 Ireland Government Bond
EUR, 2.60%, 10/18/2034
    611,419
  Italy Buoni Poliennali Del Tesoro(b)  
1,638,000 EUR, 3.65%, 08/01/2035
  1,867,187
1,652,000 EUR, 0.95%, 03/01/2037
  1,405,697
100,000 EUR, 2.45%, 09/01/2050
81,221
654,000 EUR, 2.15%, 09/01/2052
484,599
8,335,000 EUR, 4.30%, 10/01/2054
9,250,967
699,000 EUR, 2.15%, 03/01/2072
469,447
  Japan Government Forty Year Bond  
16,100,000 JPY, 1.00%, 03/20/2062
47,893
2,298,449,984 JPY, 2.20%, 03/20/2064
9,963,981
  Japan Government Ten Year Bond  
669,400,000 JPY, 0.10%, 03/20/2027
4,177,355
600,000,000 JPY, 0.10%, 12/20/2027
3,703,853
  Japan Government Thirty Year Bond  
589,699,968 JPY, 1.50%, 03/20/2045
2,813,490
163,700,000 JPY, 0.80%, 12/20/2047
620,803
23,950,000 JPY, 0.70%, 12/20/2050
79,825
590,000,000 JPY, 1.80%, 09/20/2053
2,519,448
606,049,984 JPY, 1.60%, 12/20/2053
2,449,213
87,750,000 JPY, 1.80%, 03/20/2054
372,718
866,600,016 JPY, 2.20%, 06/20/2054
4,050,122
411,550,000 JPY, 2.10%, 09/20/2054
1,874,037
70,500,000 JPY, 2.80%, 06/20/2055
375,925
  Japan Government Twenty Year Bond  
431,500,000 JPY, 1.50%, 06/20/2034
2,584,813
1,000,000 JPY, 1.40%, 12/20/2042
4,935
21,100,000 JPY, 1.10%, 03/20/2043
98,284
  Kingdom of Belgium Government Bond(b)  
740,000 EUR, 3.40%, 06/22/2036
839,202
1,050,000 EUR, 3.30%, 06/22/2054
1,013,481
374,000 EUR, 3.50%, 06/22/2055
371,889
  Korea Treasury Bond  
1,236,000,000 KRW, 4.25%, 12/10/2032
825,519
15,000,000,000 KRW, 2.63%, 06/10/2035
8,813,020
1,600,000,000 KRW, 3.25%, 12/10/2035
991,436
1,219,000,064 KRW, 3.13%, 09/10/2052
695,949
1,847,000,000 KRW, 3.25%, 03/10/2053
1,080,932
5,600,000 Malaysia Government Bond
MYR, 3.48%, 07/02/2035
1,363,709
453,500(f) Mexican Bonos
MXN, 8.00%, 02/21/2036
2,317,574
  Mexico Government International Bond  
3,480,000 EUR, 3.88%, 05/16/2031
3,921,521
1,690,000 5.38%, 03/22/2033
1,650,285
3,806,000 EUR, 4.50%, 03/19/2034
4,280,804
335,000 5.63%, 09/22/2035
324,113
1,614,000 EUR, 4.88%, 05/16/2036
1,815,805
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
286,000 6.13%, 02/09/2038
$    278,707
4,220,000 EUR, 4.00%, 03/15/2115
  3,176,794
  Netherlands Government Bond(b)  
1,300,000 EUR, 2.50%, 07/15/2034
  1,443,611
275,000 EUR, 4.00%, 01/15/2037
    340,765
  New South Wales Treasury Corp  
1,961,000 AUD, 2.00%, 03/08/2033
  1,096,844
989,000 AUD, 4.75%, 02/20/2035
647,212
1,060,400 AUD, 4.25%, 02/20/2036
657,868
  New Zealand Government Bond  
670,000 NZD, 3.50%, 04/14/2033
362,665
950,000 NZD, 4.25%, 05/15/2034
534,415
393,000 Peru Government Bond(e)
PEN, 6.15%, 08/12/2032
117,982
  Peruvian Government International Bond  
9,500,000 PEN, 6.90%, 08/12/2037
2,704,283
320,000 PEN, 7.60%, 08/12/2039(b)
95,372
550,000 Portugal Obrigacoes do Tesouro OT(b)
EUR, 2.88%, 10/20/2034
616,452
  Province of Alberta Canada  
368,000 CAD, 3.10%, 06/01/2050
201,102
367,000 CAD, 4.45%, 12/01/2054
253,941
  Province of Ontario Canada  
1,032,000 CAD, 4.15%, 12/02/2054
681,300
1,762,000 CAD, 4.60%, 12/02/2055
1,254,660
590,000 Province of Quebec Canada
CAD, 4.20%, 12/01/2057
386,820
  Queensland Treasury Corp  
846,000 AUD, 2.00%, 08/22/2033
464,215
2,209,000 AUD, 1.75%, 07/20/2034(b)
1,146,260
685,000 AUD, 4.50%, 08/22/2035(b)
435,128
1,279,000 AUD, 5.00%, 07/21/2037(b)
826,093
1,650,000 Republic of Austria Government Bond(b)
EUR, 2.90%, 02/20/2034
1,872,589
  Republic of Poland Government Bond  
3,125,000 PLN, 6.00%, 10/25/2033
859,773
2,100,000 PLN, 5.00%, 10/25/2034
538,024
  Republic of Poland Government International Bond  
5,860,000 EUR, 2.88%, 01/15/2031
6,637,727
2,920,000 EUR, 3.63%, 06/15/2036
3,278,050
  Romanian Government International Bond  
680,000 6.63%, 02/17/2028(b)
694,669
749,000 EUR, 5.25%, 05/30/2032(b)
855,291
2,220,000 EUR, 4.63%, 03/04/2033(b)(e)
2,397,264
1,089,000 EUR, 5.63%, 02/22/2036(b)
1,208,402
2,206,000 5.75%, 07/04/2036(b)
2,045,499
2,019,000 EUR, 2.63%, 12/02/2040
1,461,691
1,579,000 EUR, 2.88%, 04/13/2042
1,140,644
849,000 EUR, 4.63%, 04/03/2049
737,683
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
1,664,000 EUR, 3.38%, 01/28/2050
$  1,167,621
630,000 Singapore Government Bond
SGD, 3.38%, 09/01/2033
    529,451
  Spain Government Bond(b)  
3,175,000 EUR, 0.70%, 04/30/2032
  3,191,022
2,648,000 EUR, 2.35%, 07/30/2033
  2,888,119
1,060,000 EUR, 3.25%, 04/30/2034
  1,218,254
2,440,000 EUR, 3.45%, 10/31/2034
  2,836,504
241,000 EUR, 1.00%, 10/31/2050
147,186
  Swiss Confederation Government Bond  
1,410,000 CHF, 0.50%, 06/27/2032
1,790,786
930,000 CHF, 3.50%, 04/08/2033
1,424,353
  Thailand Government Bond  
62,850,000 THB, 2.00%, 12/17/2031
1,928,911
44,980,000 THB, 2.41%, 03/17/2035
1,389,123
4,733,000 Treasury Corp of Victoria
AUD, 4.75%, 09/15/2036
3,021,109
  United Kingdom Gilt  
600,000 GBP, 1.63%, 10/22/2028
743,899
1,429,541 GBP, 4.75%, 12/07/2030
1,922,966
2,300,000 GBP, 5.25%, 01/31/2041
3,031,263
2,159,140 GBP, 3.50%, 01/22/2045
2,204,237
2,210,000 GBP, 1.25%, 07/31/2051
1,224,277
10,720,000 GBP, 1.50%, 07/31/2053
6,145,856
6,675,000 GBP, 4.38%, 07/31/2054
7,357,324
1,000,000 GBP, 5.38%, 01/31/2056
1,293,805
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 39.43%
(Cost $297,053,528) 		$269,795,483
MORTGAGE-BACKED SECURITIES
Non-Agency — 0.39%
219,683 A&D Mortgage Trust(b)(g)
Series 2023-NQM2 Class A1
6.13%, 05/25/2068 		219,168
  COLT Mortgage Loan Trust(b)(g)  
  Series 2023-2 Class A1  
148,011 6.60%, 07/25/2068 148,173
  Series 2023-4 Class A1  
365,159 7.16%, 10/25/2068 367,737
398,644 New Residential Mortgage Loan Trust(b)(h)
Series 2022-NQM1 Class A1
2.28%, 04/25/2061 		359,632
456,624 Onslow Bay Financial LLC(b)(h)
Series 2025-NQM18 Class A1
5.06%, 09/25/2065 		455,152
723,000 Sequoia Logistics Designated Activity Co(b)(c)
Series 2025-1A Class B
EUR, 3.75%, 02/17/2037
3-mo. EURIBOR + 1.75% 		827,786
  Verus Securitization Trust(b)(g)  
  Series 2023-4 Class A1  
130,704 5.81%, 05/25/2068 130,390
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-5 Class A1  
141,518 6.48%, 06/25/2068 $    141,466
    2,649,504
U.S. Government Agency — 13.27%
  Federal Home Loan Mortgage Corp  
817,087 2.50%, 10/01/2035     776,476
1,750,000 5.00%, 04/01/2036   1,769,065
1,397,788 5.00%, 11/01/2040 1,408,580
1,881,098 5.50%, 11/01/2040 1,918,049
613,244 5.50%, 09/01/2043 621,882
896,261 5.50%, 06/01/2045 905,863
1,883,072 5.50%, 07/01/2045 1,906,191
1,059,506 5.50%, 09/01/2045 1,073,808
630,000 2.00%, 03/01/2051 508,724
3,525,001 2.50%, 01/01/2052 3,025,711
1,176,788 3.00%, 02/01/2052 1,054,427
2,657,613 5.50%, 09/01/2053 2,713,632
1,580,588 5.50%, 07/01/2054 1,610,308
2,174,529 5.50%, 11/01/2055 2,189,234
  Federal National Mortgage Association  
1,673,978 5.50%, 03/01/2035 1,706,861
623,458 3.50%, 07/01/2037 616,922
330,955 3.00%, 05/01/2040 308,434
858,429 2.50%, 03/01/2042 771,784
676,185 5.50%, 11/01/2043 686,974
283,276 3.00%, 05/01/2050 253,924
1,092,970 2.00%, 04/01/2051 887,488
1,977,055 2.00%, 09/01/2051 1,602,255
1,392,114 2.00%, 02/01/2052 1,143,168
1,345,415 2.00%, 05/01/2052 1,107,296
1,283,757 4.50%, 08/01/2053 1,249,122
1,661,721 5.00%, 09/01/2054 1,648,368
954,583 5.50%, 09/01/2054 972,631
2,236,147 5.50%, 10/01/2054 2,278,063
1,231,053 6.00%, 01/01/2055 1,269,441
  Government National Mortgage Association  
1,430,000 2.50%, TBA 1,230,024
3,210,000 3.50%, TBA 2,943,748
5,220,000 5.00%, TBA 5,169,378
1,848,386 4.00%, 01/20/2055 1,732,739
  Uniform Mortgage-Backed Security(i)  
6,100,000 2.00%, TBA 4,911,930
4,690,000 2.50%, TBA 3,942,531
6,290,000 3.00%, TBA 5,523,748
1,500,000 4.00%, TBA 1,415,286
23,170,000 5.50%, TBA 23,276,718
2,620,000 6.00%, TBA 2,670,639
    90,801,422
TOTAL MORTGAGE-BACKED SECURITIES — 13.66%
(Cost $93,826,438) 		93,450,926
Principal Amount(a)   Fair Value
U.S. TREASURY BONDS AND NOTES
  U.S. Treasury Inflation Indexed Bonds TIPS  
5,712,791(j) 0.13%, 02/15/2052
$  2,964,110
4,201,672(j) 2.38%, 02/15/2055
  3,904,849
  United States Treasury Note/Bond  
2,975,000 4.13%, 02/28/2027
  2,984,715
34,292,000 3.75%, 04/30/2027
 34,277,452
13,500,000 3.88%, 07/31/2027
 13,505,273
23,430,000 2.25%, 11/15/2027
22,846,995
1,700,000 3.38%, 02/29/2028
1,686,586
11,147,200 3.50%, 09/30/2029
11,013,085
10,300,000 3.88%, 11/30/2029
10,297,586
5,850,000 4.13%, 11/30/2029
5,898,445
2,175,000 4.38%, 12/31/2029
2,211,788
7,200,000 4.00%, 02/28/2030
7,227,282
1,300,000 4.00%, 03/31/2030
1,304,672
684,000 3.88%, 04/30/2030
683,252
7,720,000 3.63%, 09/30/2030
7,623,802
7,400,000 3.63%, 12/31/2030
7,299,406
3,800,000 3.75%, 01/31/2031
3,767,641
6,180,000 1.63%, 05/15/2031
5,511,546
5,000,000 4.13%, 11/30/2031
5,024,414
2,390,000 2.75%, 08/15/2032
2,210,470
700,000 3.88%, 08/31/2032
691,223
3,740,000 3.50%, 02/15/2033
3,598,581
463,000 4.50%, 11/15/2033
472,586
9,800,000 4.63%, 02/15/2035
10,054,953
11,150,000 4.25%, 05/15/2035
11,120,383
7,889,700 4.25%, 08/15/2035
7,860,114
7,300,000 4.00%, 11/15/2035
7,120,922
5,438,000 1.13%, 05/15/2040
3,425,515
12,600,000 4.63%, 02/15/2046
12,147,188
4,350,000 1.25%, 05/15/2050
2,064,381
TOTAL U.S. TREASURY BONDS AND NOTES — 30.81%
(Cost $211,188,258) 		$210,799,215
Shares    
GOVERNMENT MONEY MARKET MUTUAL FUNDS
751,190 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(k),3.60%(l) 751,190
     
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.11%
(Cost $751,190) 		$751,190
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Shares   Fair Value
TOTAL PURCHASED OPTIONS — 0.03%
(Cost: $261,191) 		$219,228
TOTAL INVESTMENTS BEFORE WRITTEN OPTIONS — 102.80%
(Cost: $734,758,170) 		$703,420,402
TOTAL WRITTEN OPTIONS — (0.13)%
(Premiums Received: $(554,744)) 		$(879,993)
TOTAL INVESTMENTS NET OF WRITTEN OPTIONS — 102.67%
(Cost $734,203,426) 		$702,540,409
OTHER ASSETS & LIABILITIES, NET — (2.67)% $(18,274,304)
TOTAL NET ASSETS — 100.00% $684,266,105
(a)  Amount is stated in U.S. dollars unless otherwise noted.
(b)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $79,806,412, representing 11.66% of net assets.
(c)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(d)  Security has no contractual maturity date and pays an indefinite stream of interest.
(e)  All or a portion of the security is on loan as of March 31, 2026.
(f)  Principal amount is stated in 100 Mexican Peso Units.
(g)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield as of March 31, 2026. Maturity date disclosed represents final maturity date.
(h)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(i)  Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.
(j)  Principal amount of the security is adjusted for inflation.
(k)  Collateral received for securities on loan.
(l)  Rate shown is the 7-day yield as of March 31, 2026.
EURIBOR  Euro Interbank Offered Rate
LP  Limited Partnership
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
TBA  To Be Announced
TIPS  Treasury Inflation Protected Securities
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
10 Year Commonwealth Treasury Bond Futures 534 AUD 50,727 Jun 2026 $(263,939)
Canadian 10 Year Bond Futures 99 CAD 11,881 Jun 2026 (109,797)
Euro-Bobl Futures 111 EUR 12,813 Jun 2026 (266,619)
Euro-BTP Futures 27 EUR 3,140 Jun 2026 (110,043)
Euro-Buxl 30 Year Bond Futures 66 EUR 7,277 Jun 2026 (96,785)
Euro-Schatz Futures 130 EUR 13,748 Jun 2026 (144,175)
Long Gilt Futures 4 GBP 351 Jun 2026 (10,971)
U.S. 10 Year Treasury Note Futures 46 USD 5,108 Jun 2026 (78,461)
U.S. Long Bond Futures 64 USD 7,288 Jun 2026 (217,755)
U.S. Ultra Bond Futures 80 USD 9,325 Jun 2026 (10,389)
Short          
Euro-BTP Futures 33 EUR 3,837 Jun 2026 194,676
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts — (continued)
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Euro-Bund Futures 238 EUR 29,843 Jun 2026 $354,372
Euro-Buxl 30 Year Bond Futures 42 EUR 4,631 Jun 2026 108,965
Euro-OAT Futures 176 EUR 20,889 Jun 2026 596,156
Japan 10 Year Bond Futures 34 JPY 4,430,540 Jun 2026 276,573
Long Gilt Futures 113 GBP 9,920 Jun 2026 629,295
U.S. 10 Year Treasury Note Futures 13 USD 1,444 Jun 2026 22,838
U.S. 10 Year Treasury Ultra Futures 128 USD 14,530 Jun 2026 246,162
U.S. 2 Year Treasury Note Futures 38 USD 7,883 Jun 2026 21,469
U.S. 5 Year Treasury Note Futures 172 USD 18,607 Jun 2026 (1,717)
U.S. Ultra Bond Futures 234 USD 27,276 Jun 2026 404,810
        Net Appreciation $1,544,665
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
BA AUD 3,635,217 USD 2,558,270 04/22/2026 $(50,587)
BA BRL 8,526,337 USD 1,580,385 05/05/2026 54,098
BA CHF 21,158 USD 26,675 04/22/2026 (145)
BA CHF 490,033 USD 625,058 05/21/2026 (8,640)
BA CNY 46,230,552 USD 6,667,615 04/22/2026 37,155
BA COP 3,318,555,532 USD 904,337 04/22/2026 (6,659)
BA EUR 5,238,449 USD 6,234,738 04/22/2026 (172,720)
BA GBP 3,700,000 USD 4,921,968 04/22/2026 (24,939)
BA JPY 267,587,898 USD 1,681,351 04/22/2026 8,334
BA KZT 872,994,000 USD 1,660,000 04/22/2026 154,045
BA MXN 20,168,421 USD 1,137,384 04/22/2026 (14,343)
BA NOK 66,524,505 EUR 5,654,683 04/22/2026 292,103
BA NZD 218,356 USD 126,023 04/22/2026 (456)
BA NZD 693,000 USD 406,907 05/21/2026 (7,983)
BA RON 1,294,000 USD 296,237 04/09/2026 (3,008)
BA USD 3,370,000 CNY 23,221,659 04/22/2026 2,187
BA USD 2,352,067 COP 8,707,115,000 04/09/2026 (12,010)
BA USD 77,379 CZK 1,606,000 04/09/2026 1,736
BA USD 427,110 EUR 371,000 04/09/2026 (1,919)
BA USD 11,950,780 EUR 10,338,695 04/22/2026 (13,326)
BA USD 548,413 GBP 408,000 04/09/2026 8,399
BA USD 619,348 GBP 463,000 05/21/2026 6,611
BA USD 189,486 JPY 30,000,000 04/22/2026 51
BA USD 1,680,000 KRW 2,399,880,000 04/22/2026 91,970
BA USD 10,020,769 MXN 178,650,302 04/22/2026 72,961
BB AUD 222,000 USD 157,646 04/09/2026 (4,488)
BB BRL 4,492,250 USD 850,000 05/05/2026 11,156
BB CAD 9,595,873 USD 6,940,880 04/22/2026 (36,513)
BB CHF 77,967 USD 99,557 05/21/2026 (1,481)
BB EUR 2,754,482 GBP 2,396,862 04/22/2026 26,994
BB EUR 546,000 USD 629,792 04/09/2026 1,609
BB EUR 3,307,793 USD 3,900,000 04/22/2026 (72,169)
BB GBP 3,134,853 USD 4,249,716 04/22/2026 (100,670)
BB GBP 2,732 USD 3,628 05/21/2026 (13)
BB HUF 1,141,097,983 EUR 2,922,743 04/22/2026 42,652
BB KRW 1,241,365,500 USD 850,000 04/22/2026 (28,573)
BB MXN 82,199,923 USD 4,610,803 04/22/2026 (33,654)
BB MYR 4,805,496 USD 1,188,068 04/22/2026 (657)
BB PLN 2,089,830 USD 574,505 04/22/2026 (11,498)
BB RON 562,507 USD 130,000 04/22/2026 (2,628)
BB THB 13,187,890 USD 422,154 04/22/2026 (18,726)
BB TRY 77,282,967 USD 1,675,076 04/22/2026 13,447
BB USD 482,862 CAD 661,571 05/21/2026 6,249
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts — (continued)
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
BB USD 849,578 CLP 751,027,032 04/22/2026 $38,363
BB USD 10,194,471 EUR 8,789,000 04/09/2026 30,764
BB USD 654,258 EUR 567,729 05/21/2026 (3,611)
BB USD 843,505 GBP 630,000 04/09/2026 9,660
BB USD 865 GBP 646 05/21/2026 10
BB USD 1,421,940 MYR 5,606,000 04/09/2026 37,126
BB USD 268,489 NZD 463,000 05/21/2026 1,964
BB USD 1,700,000 PHP 103,615,000 04/22/2026 (7,009)
BB USD 316,740 PLN 1,146,000 04/09/2026 8,018
BB USD 454,163 SEK 4,208,000 05/21/2026 8,392
BB USD 399,177 THB 13,204,764 04/22/2026 (4,768)
BB USD 3,420,000 TRY 156,903,699 04/22/2026 (8,122)
BB USD 3,320,000 ZAR 54,910,376 04/22/2026 80,873
BB ZAR 6,857,691 USD 420,099 04/22/2026 (15,568)
BBH CZK 9,900,633 USD 473,704 04/22/2026 (7,318)
BBH DKK 4,250,541 USD 664,349 04/22/2026 (5,910)
BBH ILS 1,710,019 USD 543,919 04/23/2026 479
BBH MXN 61,707,631 USD 3,542,656 04/22/2026 (106,582)
BBH PLN 1,753,608 USD 484,062 04/22/2026 (11,635)
BBH RON 1,300,036 USD 295,333 04/22/2026 (957)
BBH USD 5,569,787 JPY 873,659,440 04/22/2026 53,058
BDS BRL 9,507,022 USD 1,759,615 05/05/2026 62,864
BNP AUD 2,072,000 USD 1,424,925 05/21/2026 3,843
BNP CAD 6,049,000 USD 4,438,623 04/09/2026 (88,636)
BNP CLP 2,882,547,442 USD 3,245,089 04/22/2026 (131,531)
BNP CNY 1,874,531 USD 270,000 04/22/2026 1,861
BNP CNY 55,180,000 USD 8,051,871 05/21/2026 (30,699)
BNP EUR 8,484,498 GBP 7,380,000 04/22/2026 46,912
BNP EUR 4,419,928 HUF 1,746,790,688 04/22/2026 (71,722)
BNP GBP 632,768 USD 840,000 04/22/2026 (2,519)
BNP HUF 579,317,208 EUR 1,467,257 04/22/2026 32,330
BNP INR 7,731,996 USD 82,026 04/22/2026 25
BNP NZD 427,000 USD 248,689 05/21/2026 (2,888)
BNP SEK 7,374,000 USD 790,359 05/21/2026 (9,199)
BNP USD 6,590,387 AUD 9,319,000 04/09/2026 161,198
BNP USD 617,093 CNY 4,249,000 04/09/2026 1,552
BNP USD 892,771 EUR 773,000 05/21/2026 (2,959)
BNP USD 3,057,955 GBP 2,281,007 04/22/2026 38,994
BNP USD 97,845 KRW 145,632,000 04/09/2026 2,237
BNP USD 1,062,307 NOK 10,193,000 05/21/2026 9,513
BNP USD 1,037,328 PHP 62,600,693 04/22/2026 6,011
BNS PEN 2,690,278 USD 802,110 04/22/2026 (29,736)
CA USD 6,099,729 COP 22,889,599,173 04/22/2026 (91,966)
CGM BRL 634,748 USD 120,000 05/05/2026 1,680
CGM CNY 4,000,000 USD 579,736 04/09/2026 (266)
CGM COP 17,109,399,864 USD 4,505,706 04/22/2026 122,430
CGM EUR 3,030,648 USD 3,522,507 04/22/2026 (15,392)
CGM INR 160,148,500 USD 1,700,000 04/22/2026 (515)
CGM JPY 54,007,470 USD 340,000 04/22/2026 1,031
CGM KRW 2,445,300,000 USD 1,710,000 04/22/2026 (91,915)
CGM MXN 15,839,000 USD 908,850 04/09/2026 (25,845)
CGM NZD 693,000 USD 405,950 05/21/2026 (7,026)
CGM SEK 2,147,000 USD 229,441 05/21/2026 (2,000)
CGM TRY 3,226,583 USD 70,000 04/22/2026 496
CGM USD 839,557 CHF 663,000 05/21/2026 5,563
CGM USD 3,290,000 CNY 22,669,087 04/22/2026 2,326
CGM USD 19,098,081 COP 71,899,501,773 04/22/2026 (350,916)
CGM USD 3,552,404 GBP 2,650,000 04/22/2026 45,072
CGM USD 1,979,201 INR 182,304,163 04/22/2026 44,601
CGM USD 342,487 NOK 3,354,000 05/21/2026 (3,934)
CGM USD 2,986,347 PEN 10,055,000 04/09/2026 97,991
CGM USD 4,886,627 PEN 16,463,370 04/22/2026 160,018
CGM USD 1,660,000 PHP 100,496,400 04/22/2026 4,369
CGM USD 2,536,984 THB 83,282,852 04/22/2026 (10,709)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts — (continued)
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
CGM USD 2,585,320 ZAR 41,565,219 04/22/2026 $133,414
CGM ZAR 63,942,484 USD 3,955,980 04/22/2026 (184,055)
DB COP 11,463,340,696 USD 3,019,598 04/22/2026 81,265
DB INR 161,423,500 USD 1,700,000 04/22/2026 13,015
DB JPY 26,689,014 USD 170,000 04/22/2026 (1,472)
DB NOK 966,209 USD 100,000 04/22/2026 (191)
DB USD 4,463,638 COP 16,630,672,116 04/22/2026 (35,001)
DB USD 48,349,490 EUR 41,322,916 04/22/2026 529,942
DB USD 340,000 JPY 51,857,725 04/22/2026 12,544
GS AUD 480,514 USD 330,000 04/22/2026 1,473
GS AUD 1,692,552 USD 1,178,804 05/21/2026 (11,689)
GS CAD 5,799,000 USD 4,240,754 05/21/2026 (63,002)
GS CHF 180,000 USD 226,297 05/21/2026 127
GS CNY 87,638,446 USD 12,719,664 04/09/2026 (23,712)
GS CNY 227,916,526 USD 32,791,386 04/22/2026 263,112
GS COP 1,743,103,100 USD 470,000 04/22/2026 1,514
GS EUR 593,517 CAD 949,000 05/21/2026 4,781
GS EUR 82,550 SEK 888,982 04/22/2026 1,143
GS EUR 2,903,361 USD 3,420,000 04/22/2026 (60,183)
GS EUR 942,000 USD 1,090,846 05/21/2026 717
GS GBP 466,000 USD 618,352 05/21/2026 (1,644)
GS IDR 4,754,274,000 USD 280,111 04/09/2026 (277)
GS JPY 1,707,800,000 USD 10,863,301 04/09/2026 (93,018)
GS JPY 115,584,097 USD 730,000 04/22/2026 (143)
GS JPY 31,516,000 USD 199,288 05/21/2026 173
GS MYR 5,253,000 USD 1,333,249 04/09/2026 (35,634)
GS MYR 785,200 USD 200,000 04/22/2026 (5,982)
GS NOK 21,293,585 USD 2,202,101 05/21/2026 (2,772)
GS NZD 476,519 USD 279,682 05/21/2026 (5,375)
GS PEN 8,319,651 USD 2,480,812 04/22/2026 (92,253)
GS SEK 5,682,000 USD 596,366 05/21/2026 5,552
GS SGD 873,743 USD 682,796 04/22/2026 (2,069)
GS TRY 75,864,732 USD 1,644,924 04/22/2026 12,612
GS USD 1,668,791 AUD 2,358,487 05/21/2026 42,473
GS USD 992,456 CAD 1,357,859 05/21/2026 14,219
GS USD 2,470,422 CLP 2,189,534,939 04/22/2026 105,416
GS USD 3,420,000 CNY 23,540,886 04/22/2026 5,890
GS USD 107,534 CZK 2,267,000 04/09/2026 758
GS USD 275,229 EUR 238,000 04/09/2026 3
GS USD 1,693,331 EUR 1,410,000 04/22/2026 61,656
GS USD 2,292,807 EUR 1,983,284 05/21/2026 (5,366)
GS USD 1,397,748 GBP 1,042,310 05/21/2026 18,348
GS USD 1,026,613 NOK 9,986,000 05/21/2026 (4,801)
GS USD 407,671 NZD 692,000 05/21/2026 9,323
GS USD 229,345 SEK 2,134,000 05/21/2026 3,282
GS USD 1,884,108 THB 61,135,689 04/22/2026 13,915
GS USD 8,714,872 ZAR 143,038,588 04/22/2026 277,119
GS ZAR 203,030,866 USD 12,332,553 04/22/2026 (355,894)
HSB AUD 5,729,448 USD 4,006,381 05/21/2026 (55,585)
HSB CLP 91,620,000 USD 103,424 04/09/2026 (4,490)
HSB CLP 174,001,200 USD 200,000 04/22/2026 (12,054)
HSB CNY 30,236,000 USD 4,404,785 04/09/2026 (24,575)
HSB CNY 6,541,035 USD 950,000 04/22/2026 (1,360)
HSB EUR 394,000 USD 452,331 04/09/2026 3,296
HSB EUR 1,523,000 USD 1,766,509 05/21/2026 (1,700)
HSB HUF 113,687,000 USD 349,048 04/09/2026 (7,373)
HSB HUF 93,498,295 USD 282,358 04/22/2026 (1,560)
HSB IDR 17,295,088,000 USD 1,019,921 04/09/2026 (1,940)
HSB JPY 42,528,000 USD 269,559 04/09/2026 (1,356)
HSB MXN 4,682,000 USD 263,418 05/21/2026 (3,421)
HSB NZD 1,409,000 USD 836,192 04/09/2026 (26,277)
HSB PEN 5,791,979 USD 1,727,077 04/22/2026 (64,209)
HSB PLN 250,349 USD 70,000 04/22/2026 (2,555)
HSB SEK 6,122,000 USD 669,741 04/09/2026 (22,696)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts — (continued)
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
HSB THB 23,000,000 USD 706,039 04/09/2026 $(6,112)
HSB THB 55,347,750 USD 1,700,000 04/22/2026 (6,865)
HSB USD 573,557 AUD 829,000 05/21/2026 1,912
HSB USD 1,969,014 CAD 2,733,000 05/21/2026 89
HSB USD 161,557 CNY 1,114,000 04/09/2026 175
HSB USD 2,217,315 COP 8,459,079,000 04/09/2026 (79,417)
HSB USD 1,223,860 COP 4,553,517,000 04/22/2026 (7,878)
HSB USD 3,207,218 EUR 2,749,260 04/22/2026 25,729
HSB USD 981,777 EUR 848,987 05/21/2026 (2,005)
HSB USD 1,020,964 GBP 762,044 05/21/2026 12,469
HSB USD 8,952,337 KRW 13,152,057,000 04/09/2026 318,015
HSB USD 282,129 MXN 4,874,800 04/22/2026 10,684
HSB USD 632,672 PHP 38,186,161 04/22/2026 3,572
HSB USD 1,692,767 THB 53,228,544 04/09/2026 72,935
HSB USD 3,168,956 THB 103,553,573 04/22/2026 1,164
HSB USD 1,676,725 ZAR 26,715,005 04/22/2026 100,824
HSB ZAR 13,627,743 USD 833,970 04/22/2026 (30,079)
JPM AUD 200,238 USD 140,000 04/22/2026 (1,870)
JPM CNY 8,086,000 USD 1,177,659 05/21/2026 (2,247)
JPM EUR 151,000 USD 173,296 04/09/2026 1,323
JPM EUR 4,628,877 USD 5,390,000 04/22/2026 (33,388)
JPM EUR 2,148,000 USD 2,495,402 05/21/2026 (6,361)
JPM GBP 60,000 USD 79,450 04/09/2026 (36)
JPM GBP 645,268 USD 859,090 05/21/2026 (5,138)
JPM JPY 105,410,000 USD 667,393 05/21/2026 (266)
JPM SEK 7,001,000 USD 755,682 04/09/2026 (15,733)
JPM SEK 1,973,000 USD 207,181 05/21/2026 1,827
JPM USD 860,164 CAD 1,177,000 05/21/2026 12,223
JPM USD 1,706,571 EUR 1,469,000 04/09/2026 7,802
JPM USD 1,011,302 EUR 856,588 04/22/2026 20,044
JPM USD 118,180 GBP 89,000 04/09/2026 383
JPM USD 170,000 JPY 26,472,584 04/22/2026 2,839
JPM USD 1,030,231 KRW 1,551,824,000 04/09/2026 11,459
JPM USD 449,275 SEK 4,185,000 05/21/2026 5,940
MS AUD 1,649,490 USD 1,170,571 04/22/2026 (32,702)
MS CAD 601,541 USD 440,000 04/22/2026 (7,183)
MS CHF 78,244 USD 100,000 04/22/2026 (1,887)
MS COP 19,710,812,967 USD 5,292,957 04/22/2026 38,868
MS CZK 2,060,327 USD 100,000 04/22/2026 (2,945)
MS DKK 1,848,000 USD 290,057 04/09/2026 (4,042)
MS EUR 134,490 NOK 1,505,311 04/22/2026 636
MS EUR 9,407,000 USD 10,912,886 04/09/2026 (34,516)
MS EUR 3,500,000 USD 4,179,400 04/22/2026 (129,144)
MS EUR 11,056,903 USD 12,788,922 05/21/2026 23,501
MS GBP 2,480,223 EUR 2,840,000 04/22/2026 (11,078)
MS GBP 2,515,122 USD 3,440,000 04/22/2026 (111,182)
MS GBP 1,678,685 USD 2,240,583 05/21/2026 (18,999)
MS ILS 1,120,000 USD 363,471 04/09/2026 (7,130)
MS NOK 2,012,000 USD 209,542 04/09/2026 (1,732)
MS NZD 165,616 USD 100,000 04/22/2026 (4,762)
MS PLN 849,000 USD 229,749 05/21/2026 (1,040)
MS SEK 10,908,307 USD 1,187,121 04/22/2026 (33,290)
MS THB 20,393,000 USD 622,230 04/09/2026 (1,638)
MS THB 4,094,285 USD 130,000 04/22/2026 (4,752)
MS USD 579,860 AUD 820,000 04/22/2026 14,199
MS USD 563,233 CAD 782,000 05/21/2026 (140)
MS USD 195,627 CHF 152,000 04/09/2026 5,327
MS USD 434,640 CHF 339,468 05/21/2026 7,620
MS USD 470,890 EUR 400,000 04/22/2026 8,004
MS USD 1,212,634 JPY 191,667,012 05/21/2026 (403)
MS USD 1,024,792 MXN 18,252,000 04/09/2026 7,265
MS USD 23,518 MXN 419,409 04/22/2026 164
MS USD 619,275 NOK 5,943,000 05/21/2026 5,447
MS USD 567,655 PLN 2,092,545 04/22/2026 3,917
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts — (continued)
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
RBS INR 151,487,194 USD 1,607,974 04/22/2026 $(402)
RCM GBP 2,569,000 USD 3,415,038 04/09/2026 (14,805)
RCM USD 6,122,292 GBP 4,578,000 04/09/2026 63,021
RCM USD 2,371,190 SEK 21,902,853 05/21/2026 50,927
SAH CNY 19,287,466 USD 2,811,379 04/22/2026 (14,138)
SAH COP 2,866,384,570 USD 775,663 04/22/2026 (299)
SAH KRW 134,145,900 USD 90,000 04/22/2026 (1,234)
SEB EUR 6,290,000 NOK 71,519,497 04/22/2026 (71,511)
SEB NOK 6,500,303 EUR 570,000 04/22/2026 7,163
SEB SEK 30,791,040 EUR 2,900,000 04/22/2026 (86,991)
SSB COP 646,994,517 USD 168,575 04/22/2026 6,439
SSB EUR 1,310,000 USD 1,509,790 04/22/2026 6,164
SSB KRW 8,658,304,326 USD 5,918,799 04/22/2026 (189,493)
SSB USD 3,163,168 GBP 2,350,000 04/22/2026 52,893
SSB USD 650,821 IDR 11,002,280,000 04/22/2026 2,970
SSB USD 130,000 INR 12,169,229 04/22/2026 861
SSB ZAR 15,327,855 USD 928,878 04/22/2026 (24,698)
TD CNY 3,829,962 USD 558,621 04/22/2026 (3,166)
TD USD 1,367,369 ZAR 21,803,794 04/22/2026 81,177
UBS AUD 83,349 USD 55,829 04/22/2026 1,668
UBS CHF 221,066 USD 278,525 04/22/2026 (1,324)
UBS KRW 1,219,510,700 USD 830,000 04/22/2026 (23,035)
UBS NOK 2,730,580 USD 270,452 04/22/2026 11,615
UBS USD 7,289,227 EUR 6,250,000 04/22/2026 56,626
UBS USD 8,210,799 INR 761,355,490 04/22/2026 131,346
UBS USD 4,070,000 KRW 6,103,860,400 04/22/2026 31,001
UBS USD 794,680 ZAR 12,786,801 04/22/2026 40,395
WF COP 4,529,938,195 USD 1,221,666 04/22/2026 3,694
WF EUR 2,792,231 SEK 29,902,058 04/22/2026 70,890
WF EUR 1,315,751 USD 1,510,000 04/22/2026 12,608
WF ILS 407,769 USD 130,000 04/23/2026 (184)
WF JPY 569,000,000 USD 3,570,949 04/22/2026 22,005
WF USD 63,084 JPY 10,000,000 04/22/2026 (61)
WF USD 2,243,960 MXN 39,678,481 04/22/2026 34,538
          Net Appreciation $962,177
As of March 31, 2026, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation 		Notional Amount
(000)(a)
Value 		Upfront
Payments/
Receipts 		Fixed
Deal
Pay/Receive
Rate 		Maturity
Date 		Net Unrealized
Appreciation/
(Depreciation) 		Implied
Credit
Spread(b) 		Receive
Frequency 		Pay
Frequency
Buy Credit Protection                    
CDX.NA.IG.46(c) USD 7,520 $(129,422) $(122,167) 1.00% 06/20/2031 $(7,255) 0.63% - Quarterly
CDX.NA.IG.46(c) USD 14,405 (1,090) (26,345) 1.00 06/20/2036 25,255 1.00 Quarterly -
iTraxx Europe Series 45 Version 1 EUR 37,945 (329,275) (164,426) 1.00 06/20/2036 (164,849) 1.09 Quarterly -
iTraxx Europe Crossover Series 45 Version 1 EUR 715 (51,778) (53,827) 5.00 06/20/2031 2,049 3.53 - Quarterly
iTraxx Europe Senior Financials Series 45 Version 1 EUR 77,690 (958,787) (1,135,302) 1.00 06/20/2031 176,515 0.78 - Quarterly
iTraxx Europe Crossover Series 44 Version 1 EUR 8,879 (745,279) (670,754) 5.00 12/20/2030 (74,525) 3.18 - Quarterly
iTraxx Europe Series 45 Version 1 EUR 21,625 (343,194) (326,074) 1.00 06/20/2031 (17,120) 0.71 - Quarterly
iTraxx Europe Crossover Series 45 Version 1 EUR 16,436 (1,190,235) (1,111,176) 5.00 06/20/2031 (79,059) 3.53 - Quarterly
Sell Credit Protection                    
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following outstanding centrally cleared credit default swaps — (continued)
Reference
Obligation 		Notional Amount
(000)(a)
Value 		  Upfront
Payments/
Receipts 		Fixed
Deal
Pay/Receive
Rate 		Maturity
Date 		Net Unrealized
Appreciation/
(Depreciation) 		Implied
Credit
Spread(b) 		Receive
Frequency 		Pay
Frequency
CDX.NA.IG.46(c) USD 6,650 $318,833   $284,147 5.00% 06/20/2031 $34,686 3.86% Quarterly -
iTraxx Europe Series 45 Version 1 EUR 6,945 110,219   126,360 1.00 06/20/2031 (16,141) 0.71 Quarterly -
      $(3,320,008)   $(3,199,564)   Net Depreciation $(120,444)      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(c) Based on an index of North American bonds with investment grade credit ratings that trade in the credit default swap market.
As of March 31, 2026, the Fund held the following outstanding OTC credit default swaps:  
Reference
Obligation 		Notional Amount
(000)(a)
Value 		  Upfront
Payments
/Receipts 		Fixed
Deal
Pay/Receive
Rate 		Maturity
Date 		Net Unrealized
Appreciation/
(Depreciation) 		Implied
Credit
Spread(b) 		Receive
Frequency 		Pay
Frequency 		Counterparty
Buy Credit Protection                        
Electrolux AB 2.50% EUR 440 $2,302   $(9,564) 1.00% 06/20/2029 $11,866 0.85% Quarterly - GS
Yum! Brands Inc 3.63% USD 1,280 (14,205)   (3,772) 1.00 12/20/2029 (10,433) 0.68 - Quarterly BA
UniCredit SPA 2.73% EUR 1,150 (1,400)   23,877 1.00 12/20/2029 (25,277) 0.97 - Quarterly BB
Intesa Sanpaolo 4.20% EUR 1,180 (6,345)   21,854 1.00 12/20/2029 (28,199) 0.87 - Quarterly BNP
Transdigm Inc 5.50% USD 540 (74,547)   (64,993) 5.00 12/20/2029 (9,554) 0.99 - Quarterly GS
Electrolux AB 2.50% EUR 140 (218)   (1,801) 1.00 12/20/2029 1,583 1.04 Quarterly - GS
Electrolux AB 2.50% EUR 640 (997)   (10,002) 1.00 12/20/2029 9,005 1.04 Quarterly - BNP
Sell Credit Protection                        
Virgin Media Finance PLC 3.75% EUR 510 19,314   16,158 5.00 12/20/2029 3,156 4.01 Quarterly - GS
Ziggo Bond Co BV 5.13% EUR 550 6,866   26,959 5.00 12/20/2029 (20,093) 4.67 Quarterly - GS
Ziggo Bond Co BV 5.13% EUR 590 142   10,401 1.00 12/20/2029 (10,259) 1.01 - Quarterly CIB
United Mexican States 4.15% USD 6,359 29,452   29,480 1.00 06/20/2031 (28) 1.09 - Quarterly BB
United Mexican States 4.15% USD 7,000 32,421   19,460 1.00 06/20/2031 12,961 1.09 - Quarterly BA
      $(7,215)   $58,057   Net Depreciation $(65,272)        
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following centrally cleared interest rate swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
7.62% Daily 1-day MXIBTIEF Daily MXN 83,250 06/14/2028 $(10,821)   $—   $(10,821)
3.38% Quarterly 3-mo. KORIBOR Quarterly KRW 727,600 01/18/2029 (3,613)   —   (3,613)
2.20% Quarterly 7-day CFRR Quarterly CNY 206,620 03/20/2029 581,471   —   581,471
2.01% Quarterly 7-day CFRR Quarterly CNY 4,000 06/19/2029 8,475   —   8,475
1.80% Quarterly 7-day CFRR Quarterly CNY 40,000 09/02/2029 47,552   —   47,552
2.79% Quarterly 3-mo. KORIBOR Quarterly KRW 1,666,400 11/27/2029 (34,719)   —   (34,719)
1.38% Quarterly 7-day CFRR Quarterly CNY 37,670 12/24/2029 (37,008)   —   (37,008)
1.46% Quarterly 7-day CFRR Quarterly CNY 15,700 02/06/2030 (8,826)   —   (8,826)
1.60% Quarterly 7-day CFRR Quarterly CNY 27,700 08/27/2030 2,908   —   2,908
1.61% Quarterly 7-day CFRR Quarterly CNY 36,500 10/14/2030 5,956   —   5,956
3.50% Quarterly 3-mo. KLIBOR Quarterly MYR 5,100 03/11/2031 (1,976)   —   (1,976)
1.59% Quarterly 7-day CFRR Quarterly CNY 36,800 03/12/2031 (3,487)   —   (3,487)
2.60% Annually 3-mo. STIBOR Quarterly SEK 9,800 03/13/2031 (10,772)   —   (10,772)
3.96% Quarterly 3-mo. KORIBOR Quarterly KRW 3,722,200 01/19/2033 27,762   —   27,762
4.04% Semi-Annually 6-mo. BBSW Semi-Annually AUD 3,860 03/22/2033 (143,455)   —   (143,455)
2.71% Quarterly 3-mo. KORIBOR Quarterly KRW 604,000 02/13/2035 (33,271)   —   (33,271)
2.67% Quarterly 3-mo. KORIBOR Quarterly KRW 400,000 07/25/2035 (23,831)   —   (23,831)
2.65% Annually 6-mo. EURIBOR Semi-Annually EUR 7,700 11/06/2035 (297,150)   —   (297,150)
3-mo. STIBOR Quarterly 2.75% Annually SEK 42,000 11/06/2035 109,178   —   109,178
3-mo. STIBOR Quarterly 2.72% Annually SEK 42,000 11/06/2035 123,104   —   123,104
2.76% Annually 6-mo. EURIBOR Semi-Annually EUR 15,600 11/25/2035 (429,684)   34,791   (464,475)
3.57% Quarterly 3-mo. KORIBOR Quarterly KRW 950,000 03/12/2036 (11,781)   —   (11,781)
0.59% Annually 1-day SARON Annually CHF 450 03/13/2036 2,538   —   2,538
6-mo. EURIBOR Semi-Annually 3.08% Annually EUR 6,950 11/25/2055 34,855   (23,393)   58,248
              $(106,595)   $11,398   $(117,993)
As of March 31, 2026, the Fund held the following OTC interest rate swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Counterparty Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
3.60% Quarterly 3-mo. KLIBOR Quarterly MYR 8,400 HSB 10/19/2028 $7,899   $—   $7,899
                $7,899   $0   $7,899
As of March 31, 2026, the Fund held the following centrally cleared inflation swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value Upfront
Payments
/Receipts 		Net Unrealized
Appreciation/
(Depreciation)
13.01% At Maturity BR4CDI At Maturity BRL 37,000 01/02/2031 $(290,998) $— $(290,998)
13.10% At Maturity BR4CDI At Maturity BRL 25,108 01/02/2031 (141,474) — (141,474)
12.78% At Maturity BR4CDI At Maturity BRL 10,840 01/02/2031 (85,485) — (85,485)
12.85% At Maturity BR4CDI At Maturity BRL 10,840 01/02/2031 (79,889) — (79,889)
13.09% At Maturity BR4CDI At Maturity BRL 7,532 01/02/2031 (43,077) — (43,077)
13.15% At Maturity BR4CDI At Maturity BRL 6,360 01/02/2031 (32,923) — (32,923)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following centrally cleared inflation swaps — (continued)
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
BR4CDI At Maturity 13.72% At Maturity BRL 9,279 01/02/2031 $(1,769)   $—   $(1,769)
BR4CDI At Maturity 13.71% At Maturity BRL 13,068 01/02/2031 (1,361)   —   (1,361)
CPI-U At Maturity 2.53% At Maturity USD 4,613 07/28/2053 (154,925)   (28,334)   (126,591)
2.80% At Maturity EXT-CPI At Maturity EUR 3,122 07/28/2053 506,610   535,595   (28,985)
3.19% At Maturity UKRPI At Maturity GBP 3,250 02/15/2056 (123,520)   (7,226)   (116,294)
              $(448,811)   $500,035   $(948,846)
As of March 31, 2026, the Fund held the following OTC purchased swaptions:
Description Counterparty Rate Received
by the Fund 		Receive
Frequency 		Rate Paid
by the Fund 		Pay
Frequency 		Expiration
Date 		Notional Amount
(000) 		Premium
Received/
Paid 		  Value
Put                      
Buy Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.58 MS CDX.NA.IG.45 Quarterly 0.58% Quarterly 5/20/2026 USD 33,700 $64,030   $52,073
Buy Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.58 		CIT iTraxx Europe Series 44 Quarterly 0.58% Quarterly 5/20/2026 EUR 23,500 37,600   22,344
Buy Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.58 		CIT iTraxx Europe Series 44 Quarterly 0.58% Quarterly 5/20/2026 EUR 23,500 37,600   22,344
Buy Protection on 5 Year Credit Default Swap, 06/20/2031, excercise price
EUR 0.65 		MS iTraxx Europe Series 45 Quarterly 0.65% Quarterly 5/20/2026 EUR 20,525 36,186   33,909
Call                      
Buy Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.78 		GS 0.78% Quarterly iTraxx Europe Series 44 Quarterly 4/15/2026 EUR 23,500 31,255   23,903
Buy Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.78 		CIT 0.78% Quarterly iTraxx Europe Series 44 Quarterly 5/20/2026 EUR 23,500 54,520   64,655
                  $261,191   $219,228
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following OTC written swaptions:
Description Counterparty Rate Received
by the Fund 		Receive
Frequency 		Rate Paid
by the Fund 		Pay
Frequency 		Expiration
Date 		Notional Amount
(000) 		Premium
Received/
Paid 		Value
Put                    
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.50 GS CDX.NA.IG.45 Quarterly 0.50% Quarterly 4/15/2026 USD 17,000 $(9,775) $(7)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.50 		BA iTraxx Europe Series 44 Quarterly 0.50% Quarterly 4/15/2026 EUR 11,900 (4,998) (418)
Sell Protection on 5 year Credit Default Swap, 12/20/2030, excercise price
EUR 0.53 		MS iTraxx Europe Series 44 Quarterly 0.53% Quarterly 4/18/2026 EUR 11,900 (11,603) (1,008)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.53 GS CDX.NA.IG.38 Quarterly 0.53% Quarterly 4/18/2026 USD 17,150 (20,580) (1,267)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.50 GS CDX.NA.IG.45 Quarterly 0.50% Quarterly 4/15/2026 USD 17,050 (10,230) (7)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.53 		BA iTraxx Europe Series 44 Quarterly 0.53% Quarterly 4/15/2026 EUR 12,000 (10,476) (1,017)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.50 		CIT iTraxx Europe Series 44 Quarterly 0.50% Quarterly 4/15/2026 EUR 12,200 (2,440) (429)
Call                    
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.50 GS 0.50% Quarterly CDX.NA.IG.45 Quarterly 4/15/2026 USD 17,000 (42,925) (68,779)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.50 		BA 0.50% Quarterly iTraxx Europe Series 44 Quarterly 4/15/2026 EUR 11,900 (33,141) (105,558)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.53 		MS 0.53% Quarterly iTraxx Europe Series 44 Quarterly 4/18/2026 EUR 11,900 (22,491) (90,815)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following OTC written swaptions — (continued)
Description Counterparty Rate Received
by the Fund 		Receive
Frequency 		Rate Paid
by the Fund 		Pay
Frequency 		Expiration
Date 		Notional Amount
(000) 		Premium
Received/
Paid 		  Value
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.53 GS 0.53% Quarterly CDX.NA.IG.38 Quarterly 4/18/2026 USD 17,150 $(30,887)   $(52,014)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.50 GS 0.50% Quarterly CDX.NA.IG.45 Quarterly 4/15/2026 USD 17,050 (40,494)   (68,981)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.53 		BA 0.53% Quarterly iTraxx Europe Series 44 Quarterly 4/15/2026 EUR 12,000 (21,720)   (91,579)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.50 		CIT 0.50% Quarterly iTraxx Europe Series 44 Quarterly 4/15/2026 EUR 12,200 (39,406)   (108,219)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.75 GS 0.75% Quarterly CDX.NA.IG.45 Quarterly 4/15/2026 USD 33,300 (28,505)   (14,093)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.75 CIT 0.75% Quarterly CDX.NA.IG.45 Quarterly 5/20/2026 USD 33,300 (54,945)   (41,991)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price $0.73 MS 0.73% Quarterly CDX.NA.IG.45 Quarterly 5/20/2026 USD 67,400 (102,448)   (93,268)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.75 		CIT 0.75% Quarterly iTraxx Europe Series 44 Quarterly 5/20/2026 EUR 23,500 (37,600)   (70,272)
Sell Protection on 5 Year Credit Default Swap, 12/20/2030, excercise price
EUR 0.75 		CIT 0.75% Quarterly iTraxx Europe Series 44 Quarterly 5/20/2026 EUR 23,500 (30,080)   (70,272)
                  $(554,744)   $(879,994)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Abbreviations  
BA Bank of America Corp
BB Barclays Bank PLC
BBH Brown Brothers Harriman
BBSW Australian Bank Bill Swap Rate
BDS Banco Santander
BNP BNP Paribas Securities Corp
BNS Bank of Nova Scotia
BR4CDI Brazil Cetip Interbank Deposit
CA Credit Agricole
CFRR China Fixing Repo Rate
CGM Citigroup Global Markets
CIB Citibank
CIT Citibank N.A.
CPI-U United States of America Consumer Price Index
DB Deutsche Bank
EURIBOR Euro Interbank Offered Rate
EXT-CPI European Consumer Price Index
GS Goldman Sachs
HSB HSBC Bank USA
JPM JP Morgan Chase & Co
KLIBOR Kuala Lumpur Interbank Offered Rate
KORIBOR South Korea Interbank Offered Rate
MS Morgan Stanley & Co LLC
MXIBTIEF Mexican Interbank TIIE 28-Day
RBS Royal Bank of Scotland
RCM RBC Capital Markets
SAH Standard Chartered Bank
SARON Swiss Average Rate Overnight interest rate
SEB Skandinaviska Enskilda Banken AB
SSB State Street Bank
STIBOR Swedish Krona Stockholm Interbank Offered Rate
TD Toronto Dominion Bank
UBS UBS AG
UKRPI United Kingdom Retail Price Index
WF Wells Fargo Bank NA
Currency Abbreviations  
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
CNY Chinese Yuan
COP Colombian Peso
CZK Czech Koruna
DKK Danish Krone
EUR Euro Dollar
GBP British Pound
HUF Hungarian Forint
IDR Indonesian Rupiah
ILS Israeli New Shekel
INR Indian Rupee
ISK Icelandic Krona
JPY Japanese Yen
KRW Korean Won
KZT Kazakhstani Tenge
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PEN Peruvian Nuevo Sol
PHP Philippine Peso
PLN Polish Zloty
RON Romanian Leu
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
TRY Turkish Lira
USD U.S. Dollar
ZAR South African Rand
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER GLOBAL BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Summary of Investments by Country as of March 31, 2026.
Country: Fair Value   Percentage of
Fund Investments
United States $361,910,516   51.45%
Japan 38,422,613   5.46
Germany 37,708,858   5.36
United Kingdom 35,053,336   4.98
Mexico 26,301,574   3.74
Colombia 19,353,209   2.75
France 17,348,287   2.47
Italy 17,031,202   2.42
Spain 12,800,570   1.82
South Korea 12,610,849   1.79
Romania 11,708,764   1.67
Poland 11,313,574   1.61
Australia 11,134,666   1.58
Netherlands 10,994,196   1.56
Belgium 10,824,001   1.54
Luxembourg 10,482,958   1.49
China 9,379,949   1.33
Canada 7,647,112   1.09
Iceland 6,252,514   0.89
Chile 5,918,443   0.84
Switzerland 3,876,152   0.55
Thailand 3,318,034   0.47
Peru 2,917,637   0.42
Cayman Islands 2,887,576   0.41
Ireland 2,864,610   0.41
Austria 2,813,256   0.40
Indonesia 1,758,577   0.25
Malaysia 1,363,709   0.19
Bermuda 1,293,977   0.18
Finland 1,011,859   0.14
New Zealand 897,080   0.13
Singapore 882,356   0.13
Greece 639,490   0.09
Portugal 616,452   0.09
Norway 548,529   0.08
Czech Republic 478,009   0.07
Angola 415,062   0.06
Nigeria 362,631   0.05
Denmark 278,061   0.04
Hungary 154   0.00
Total $703,420,402   100.00%
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
BANK LOANS
798,962 1261229 BC Ltd(b)
9.93%, 09/25/2030
1-mo. SOFR + 6.26% 		$    769,751
425,782 Apollo Commercial Real Estate Finance Inc(b)
6.92%, 06/13/2030
1-mo. SOFR + 3.26% 		    425,783
425,291 Aretec Group Inc(b)
7.17%, 08/09/2030
1-mo. SOFR + 3.50% 		    419,266
1,804,528 Bausch + Lomb Corp(b)
7.42%, 01/15/2031
1-mo. SOFR + 3.76% 		  1,806,783
512,226 Cengage Learning Inc(b)
6.68%, 03/24/2031
3-mo. SOFR + 3.00% 		    501,128
1,542,801 Clear Channel Outdoor Holdings Inc(b)
7.67%, 08/21/2028
1-mo. SOFR + 4.01% 		  1,545,211
233,842 Cloud Software Group Inc(b)
6.91%, 08/13/2032
3-mo. SOFR + 3.23% 		    212,796
842,568 Connect US Fin Co LLC(b)
8.17%, 09/27/2029
1-mo. SOFR + 4.51% 		842,869
1,109,770 DexKo Global Inc(b)
7.54%, 10/04/2028
3-mo. SOFR + 3.86% 		1,091,141
1,349,906 DirecTV Financing LLC(b)
8.92%, 08/02/2029
3-mo. SOFR + 5.23% 		1,352,352
2,019,829 Endo Finance Holdings Inc(b)
7.67%, 04/23/2031
1-mo. SOFR + 4.00% 		2,005,523
2,257,097 Fertitta Entertainment LLC(b)
7.17%, 01/29/2029
1-mo. SOFR + 3.51% 		2,209,646
1,153,659 Filtration Group Corp(b)
6.42%, 10/23/2028
1-mo. SOFR + 2.76% 		1,153,338
1,242,783 Flash Charm Inc(b)
7.16%, 03/02/2028
3-mo. SOFR + 3.48% 		980,556
1,162,912 Fortress Intermediate 3 Inc(b)
7.42%, 05/09/2031
1-mo. SOFR + 3.75% 		1,152,737
1,649,790 Froneri International Ltd(b)
6.17%, 09/30/2032
6-mo. SOFR + 2.47% 		1,615,877
155,565 Great Canadian Gaming Corp(b)
8.42%, 11/01/2029
3-mo. SOFR + 4.74% 		152,453
182,162 Hexion Holdings Corp(b)
10.67%, 03/15/2030
1-mo. SOFR + 7.01% 		168,044
1,340,258 Olympus Water US Holding Corp(b)
6.68%, 06/20/2031
3-mo. SOFR + 3.00% 		1,284,972
Principal Amount(a)   Fair Value
Bank Loans — (continued)
1,323,119 Rocket Software Inc(b)
7.42%, 11/28/2028
1-mo. SOFR + 3.76% 		$  1,266,721
505,991 Scientific Games Holdings LP(b)
6.66%, 04/04/2029
3-mo. SOFR + 2.98% 		    497,847
640,000 Treehouse Foods Inc(b)
7.92%, 02/04/2033
3-mo. SOFR + 4.23% 		    637,120
803,018 UKG Inc(b)
6.68%, 01/31/2031
1-mo. SOFR + 3.01% 		    765,787
976,933 Verde Purchaser, LLC(b)
7.67%, 11/29/2030
3-mo. SOFR + 3.99% 		    947,218
TOTAL BANK LOANS — 2.87%
(Cost $24,241,945) 		$23,804,919
CORPORATE BONDS AND NOTES
Basic Materials — 3.84%
1,990,000 ARC Falcon I Inc / Arclin USA LLC / New Arclin US Holding Corp(c)
9.75%, 03/01/2033
1,915,833
2,424,000 Big River Steel LLC / BRS Finance Corp(c)
6.63%, 01/31/2029
2,418,390
835,000 Cerdia Finanz GmbH(c)
9.38%, 10/03/2031
827,093
  Cleveland-Cliffs Inc(c)  
830,000 7.00%, 03/15/2032 803,068
685,000 7.63%, 01/15/2034 669,223
2,380,000 Commercial Metals Co
4.38%, 03/15/2032
2,200,694
300,000 Constellium SE
EUR, 3.13%, 07/15/2029
334,299
615,000 Element Solutions Inc(c)
3.88%, 09/01/2028
598,784
1,255,000 FMC Corp
8.45%, 11/01/2055
808,044
1,595,000 Fortescue Treasury Pty Ltd(c)
6.13%, 04/15/2032
1,629,815
790,000 Hudbay Minerals Inc(c)
6.13%, 04/01/2029
789,521
  Magnera Corp(c)  
1,205,000 4.75%, 11/15/2029 1,087,832
1,580,000 7.25%, 11/15/2031(d) 1,462,448
755,000 Mineral Resources Ltd(c)
7.00%, 04/01/2031
771,549
  Novelis Corp(c)  
1,065,000 6.88%, 01/30/2030 1,074,235
2,145,000 3.88%, 08/15/2031 1,910,443
2,765,000 6.38%, 08/15/2033 2,712,168
4,430,000 Rain Carbon Inc(c)(d)
12.25%, 09/01/2029
4,557,801
  SCIH Salt Holdings Inc(c)  
1,985,000 4.88%, 05/01/2028 1,962,358
990,000 6.63%, 05/01/2029 985,050
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Basic Materials — (continued)
2,405,000 Solstice Advanced Materials Inc(c)
5.63%, 09/30/2033
$  2,371,431
    31,890,079
Communications — 13.21%
250,000 Altice Financing SA(c)
5.00%, 01/15/2028
    175,538
  Altice France SA(c)  
   354,420 6.88%, 10/15/2030     339,038
 1,608,233 6.88%, 07/15/2032   1,523,846
2,780,000 APLD ComputeCo 2 LLC(c)
6.75%, 03/15/2031
2,759,759
4,100,000 APLD ComputeCo LLC(c)
9.25%, 12/15/2030
4,224,320
1,970,000 Black Pearl Compute LLC(c)
6.13%, 02/15/2031
2,005,060
1,830,000 Block Communications Inc(c)
10.25%, 03/01/2031
1,674,342
  CCO Holdings LLC / CCO Holdings Capital Corp(c)  
3,305,000 5.38%, 06/01/2029 3,259,565
4,900,000 4.75%, 03/01/2030 4,649,483
3,715,000 4.75%, 02/01/2032 3,358,980
1,305,000 7.00%, 02/01/2033 1,308,594
1,615,000 Cipher Compute LLC(c)
7.13%, 11/15/2030
1,673,187
  Clear Channel Outdoor Holdings Inc(c)  
520,000 7.88%, 04/01/2030 544,182
3,365,000 7.50%, 03/15/2033 3,563,528
4,150,000 Cogent Communications Group LLC / Cogent Finance Inc(c)(d)
6.50%, 07/01/2032
3,617,926
3,155,000 Connect Finco SARL / Connect US Finco LLC(c)
9.00%, 09/15/2029
3,314,454
  CSC Holdings LLC(c)  
1,030,000 5.38%, 02/01/2028 761,738
1,310,000 11.75%, 01/31/2029 947,320
1,415,000 Digicel International Finance Ltd / Difl US LLC(c)
8.63%, 08/01/2032
1,439,382
2,245,000 DirecTV Financing LLC
8.88%, 02/01/2030(c) 		2,237,412
  DirecTV Financing LLC / DirecTV Financing Co-Obligor Inc(c)  
224,000 5.88%, 08/15/2027 223,764
1,085,000 10.00%, 02/15/2031 1,107,600
2,110,000 Discovery Communications LLC
4.13%, 05/15/2029
2,031,605
2,295,000 EchoStar Corp
10.75%, 11/30/2029
2,479,176
4,320,000 EW Scripps Co(c)
9.88%, 08/15/2030
4,193,739
735,000 Frontier Communications Holdings LLC(c)
8.75%, 05/15/2030
754,173
Principal Amount(a)   Fair Value
Communications — (continued)
  Gray Media Inc(c)  
 1,595,000 5.38%, 11/15/2031 $  1,182,996
 2,220,000 9.63%, 07/15/2032   2,219,859
   635,000 7.25%, 08/15/2033     639,871
1,020,000 Iliad Holding SAS(c)
7.00%, 04/15/2032
  1,021,222
  McGraw-Hill Education Inc(c)  
   850,000 5.75%, 08/01/2028     840,487
1,210,000 8.00%, 08/01/2029 1,208,205
1,920,000 7.38%, 09/01/2031 1,956,071
  Neptune Bidco US Inc(c)  
360,000 9.29%, 04/15/2029 361,000
4,415,000 9.50%, 02/15/2033 4,283,605
445,000 News Corp(c)
5.13%, 02/15/2032
435,083
  Nexstar Media Inc(c)  
2,275,000 4.75%, 11/01/2028 2,236,918
2,170,000 6.50%, 09/15/2033 2,186,533
3,475,000 7.25%, 04/15/2034 3,485,344
1,390,000 Outfront Media Capital LLC / Outfront Media Capital Corp(c)
4.63%, 03/15/2030
1,341,108
3,140,000 Sinclair Television Group Inc(c)
8.13%, 02/15/2033
3,192,014
  Sirius XM Radio LLC(c)  
560,000 4.00%, 07/15/2028 540,546
2,435,000 3.88%, 09/01/2031(d) 2,210,782
2,610,000 SV RNO Property Owner 1 LLC(c)
5.88%, 03/01/2031
2,579,965
1,400,000 Telenet Finance Luxembourg Notes SARL(c)
5.50%, 03/01/2028
1,373,837
3,270,000 Univision Communications Inc(c)
9.38%, 08/01/2032
3,370,112
2,010,000 Viasat Inc(c)
7.50%, 05/30/2031
1,986,298
1,770,000 Virgin Media Finance PLC(c)
5.00%, 07/15/2030
1,450,339
2,135,000 Virgin Media Secured Finance PLC(c)
4.50%, 08/15/2030
1,893,422
  VZ Secured Financing BV(c)  
1,505,000 5.00%, 01/15/2032 1,290,080
1,710,000 7.50%, 01/15/2033 1,611,853
  Wayfair LLC(c)  
1,700,000 7.25%, 10/31/2029 1,735,333
1,675,000 7.75%, 09/15/2030 1,743,904
1,915,000 6.75%, 11/15/2032 1,929,538
2,710,000 WULF Compute LLC(c)
7.75%, 10/15/2030
2,863,603
2,232,000 Zegona Finance PLC(c)
8.63%, 07/15/2029
2,338,127
    109,675,766
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — 11.87%
3,500,000 1011778 BC Unlimited Liability Co / New Red Finance Inc(c)
4.00%, 10/15/2030
$  3,289,738
2,260,000 Adient Global Holdings Ltd(c)
8.25%, 04/15/2031
  2,344,296
  American Airlines Inc / AAdvantage Loyalty IP Ltd(c)  
    33,750 5.50%, 04/20/2026      33,763
   405,000 5.75%, 04/20/2029     402,785
2,015,000 American Builders & Contractors Supply Co Inc(c)
3.88%, 11/15/2029
  1,910,006
870,000 Aramark Services Inc(c)
5.00%, 02/01/2028
    864,866
3,055,000 Ashton Woods USA LLC / Ashton Woods Finance Co(c)
6.88%, 08/01/2033
2,947,267
2,770,000 Banijay Entertainment SAS(c)(d)
8.13%, 05/01/2029
2,843,701
  Beach Acquisition Bidco LLC(c)  
1,050,000 EUR, 5.25%, 07/15/2032 1,164,000
2,550,797 10.00%, 07/15/2033(e)
PIK rate, 10.75% 		2,716,643
1,370,000 Boyd Gaming Corp(c)
4.75%, 06/15/2031
1,302,615
  Caesars Entertainment Inc(c)  
1,255,000 4.63%, 10/15/2029(d) 1,207,178
920,000 7.00%, 02/15/2030 931,362
1,135,000 6.00%, 10/15/2032(d) 1,044,210
  Carnival Corp(c)  
1,885,000 5.13%, 05/01/2029 1,871,393
880,000 5.75%, 03/15/2030 886,980
1,470,000 5.88%, 06/15/2031 1,488,068
2,280,000 5.75%, 08/01/2032 2,279,259
700,000 6.13%, 02/15/2033 707,018
1,510,000 Churchill Downs Inc(c)
5.75%, 04/01/2030
1,493,334
1,180,000 Clarios Global LP / Clarios US Finance Co(c)
6.75%, 09/15/2032
1,189,440
1,185,000 Crocs Inc(c)
4.25%, 03/15/2029
1,137,382
1,045,000 Discovery Global Holdings Inc
5.05%, 03/15/2042
688,452
1,940,000 Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc(c)
6.75%, 01/15/2030
1,812,062
4,535,000 FirstCash Inc(c)
6.88%, 03/01/2032
4,622,154
415,000 Flutter Treasury Designated Activity Co(c)
5.88%, 06/04/2031
411,136
4,105,000 Ford Motor Credit Co LLC
4.00%, 11/13/2030
3,820,106
1,350,000 Forvia SE(c)
6.75%, 09/15/2033
1,318,126
1,265,000 Great Canadian Gaming Corp(c)
8.75%, 11/15/2029
1,234,142
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
3,245,000 Hilton Domestic Operating Co Inc(c)
5.75%, 09/15/2033
$  3,230,349
  IHO Verwaltungs GmbH(c)(e)  
   970,000 7.75%, 11/15/2030
PIK rate, 8.50% 		    986,001
   955,000 8.00%, 11/15/2032
PIK rate, 9.50% 		    978,330
  K Hovnanian Enterprises Inc(c)  
   570,000 8.00%, 04/01/2031     563,550
   855,000 8.38%, 10/01/2033     845,503
745,000 Kohl's Corp(c)
10.00%, 06/01/2030
787,779
1,115,000 LGI Homes Inc(c)
8.75%, 12/15/2028
1,140,792
  Light & Wonder International Inc(c)  
1,490,000 7.25%, 11/15/2029 1,518,906
975,000 7.50%, 09/01/2031 1,000,643
1,085,000 Live Nation Entertainment Inc(c)
6.50%, 05/15/2027
1,086,380
3,325,000 Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC(c)
8.25%, 04/15/2030
3,403,902
  NCL Corp Ltd(c)  
335,000 7.75%, 02/15/2029 348,776
535,000 6.75%, 02/01/2032 530,941
650,000 6.25%, 09/15/2033 630,720
2,045,000 Nissan Motor Co Ltd(c)
8.13%, 07/17/2035
2,103,980
1,910,000 OneSky Flight LLC(c)
8.88%, 12/15/2029
1,971,531
905,000 Penn Entertainment Inc(c)
5.63%, 01/15/2027
903,284
2,910,000 PetSmart LLC / PetSmart Finance Corp(c)
7.50%, 09/15/2032
2,924,172
  Pinewood FinCo PLC  
785,000 GBP, 6.00%, 03/27/2030(c) 1,013,670
860,000 GBP, 6.00%, 03/27/2030 1,110,517
  Qnity Electronics Inc(c)  
1,755,000 5.75%, 08/15/2032 1,757,090
2,425,000 6.25%, 08/15/2033 2,452,007
2,400,000 QXO Building Products Inc(c)
6.75%, 04/30/2032
2,447,978
1,930,000 Rivers Enterprise Borrower LLC(c)
6.25%, 10/15/2030
1,925,129
  Royal Caribbean Cruises Ltd(c)  
925,000 5.63%, 09/30/2031 934,118
180,000 6.25%, 03/15/2032 184,029
1,505,000 6.00%, 02/01/2033 1,520,036
1,375,000 Scientific Games Holdings LP / Scientific Games US FinCo Inc(c)
6.63%, 03/01/2030
1,182,874
2,205,000 Station Casinos LLC(c)
6.63%, 03/15/2032
2,213,555
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
  Taylor Morrison Communities Inc(c)  
   845,000 5.75%, 01/15/2028 $    847,183
   610,000 5.13%, 08/01/2030     603,022
   220,000 5.75%, 11/15/2032     220,193
1,338,000 United Airlines Inc(c)
4.63%, 04/15/2029
  1,312,744
  Viking Cruises Ltd(c)  
 1,325,000 7.00%, 02/15/2029   1,327,437
1,110,000 9.13%, 07/15/2031 1,170,989
3,280,000 Wynn Resorts Finance LLC / Wynn Resorts Capital Corp(c)
7.13%, 02/15/2031
3,438,244
    98,577,836
Consumer, Non-Cyclical — 9.00%
745,000 1261229 BC Ltd(c)
10.00%, 04/15/2032
762,764
465,000 Bausch + Lomb Corp(c)
8.38%, 10/01/2028
480,113
840,000 Bausch + Lomb Netherlands BV / Bausch + Lomb Inc(b)(c)
EUR, 5.89%, 01/15/2031
3-mo. EURIBOR + 3.87% 		970,942
518,439 Chobani Holdco II LLC(c)(e)
8.75%, 10/01/2029

PIK rate, 9.50% 		551,565
1,605,000 Chobani LLC / Chobani Finance Corp Inc(c)
7.63%, 07/01/2029
1,640,081
  CHS / Community Health Systems Inc(c)  
2,295,000 6.00%, 01/15/2029 2,269,181
2,860,000 5.25%, 05/15/2030 2,695,499
1,408,000 10.88%, 01/15/2032 1,510,588
1,335,000 9.75%, 01/15/2034 1,385,554
2,340,000 Concentra Health Services Inc(c)
6.88%, 07/15/2032
2,419,242
  Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC(c)  
1,680,000 4.75%, 01/15/2029 1,635,146
475,000 6.63%, 07/15/2030 471,060
2,035,000 CVS Health Corp
7.00%, 03/10/2055
2,097,247
  DaVita Inc(c)  
4,440,000 6.88%, 09/01/2032 4,548,455
255,000 6.75%, 07/15/2033 259,374
1,150,000 EquipmentShare.com Inc(c)
8.63%, 05/15/2032
1,200,323
1,565,000 Froneri Lux FinCo SARL(c)
6.00%, 08/01/2032
1,525,699
  Genmab A/S / Genmab Finance LLC(c)  
2,480,000 6.25%, 12/15/2032 2,542,575
2,415,000 7.25%, 12/15/2033 2,527,855
2,310,000 Grifols SA
EUR, 3.88%, 10/15/2028
2,605,510
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
990,000 Herc Holdings Inc(c)
6.63%, 06/15/2029
$  1,006,263
2,680,000 Industrial F&B Investments III Inc(c)
7.75%, 02/11/2033
  2,707,746
1,430,000 Insulet Corp(c)
6.50%, 04/01/2033
  1,459,604
4,205,000 IQVIA Inc(c)
6.25%, 06/01/2032
  4,270,140
5,090,000 Kedrion SpA(c)
6.50%, 09/01/2029
  4,910,254
2,305,000 Medline Borrower LP(c)
3.88%, 04/01/2029
  2,229,769
3,780,000 Opal Bidco SAS(c)
6.50%, 03/31/2032
  3,783,644
5,225,000 RR Donnelley & Sons Co(c)
9.50%, 08/01/2029
5,288,766
365,000 Shift4 Payments LLC / Shift4 Payments Finance Sub Inc(c)
EUR, 5.50%, 05/15/2033
397,737
  Tenet Healthcare Corp  
4,140,000 6.13%, 06/15/2030 4,166,918
1,160,000 6.00%, 11/15/2033(c)(d) 1,173,741
1,290,000 Teva Pharmaceutical Finance Netherlands II BV
EUR, 4.38%, 05/09/2030
1,490,277
  Teva Pharmaceutical Finance Netherlands III BV  
695,000 6.75%, 03/01/2028 712,313
1,735,000 5.13%, 05/09/2029(d) 1,729,404
1,710,000 8.13%, 09/15/2031 1,911,643
  US Foods Inc(c)  
1,250,000 7.25%, 01/15/2032 1,293,459
1,545,000 5.75%, 04/15/2033 1,538,131
535,000 Veritiv Operating Co(c)
10.50%, 11/30/2030
555,998
    74,724,580
Energy — 6.86%
930,000 Archrock Services LP / Archrock Partners Finance Corp(c)
6.00%, 02/01/2034
920,759
445,136 Borr IHC Ltd / Borr Finance LLC(c)(d)
10.38%, 11/15/2030
450,428
1,895,000 Calumet Specialty Products Partners LP / Calumet Finance Corp(c)
9.75%, 02/15/2031
2,013,164
745,000 Coronado Finance Pty Ltd(c)
9.25%, 10/01/2029
672,102
  Crescent Energy Finance LLC(c)  
1,445,000 7.88%, 04/15/2032 1,476,294
3,130,000 8.38%, 01/15/2034 3,272,102
1,445,000 Energy Transfer LP(f)
6.63%, Perpetual
1,440,142
3,050,000 Expand Energy Corp(c)
6.75%, 04/15/2029
3,052,144
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
  Hess Midstream Operations LP(c)  
   330,000 6.50%, 06/01/2029 $    337,103
   930,000 4.25%, 02/15/2030     893,672
   825,000 5.50%, 10/15/2030     818,479
  Hilcorp Energy I LP / Hilcorp Finance Co(c)  
   565,000 6.00%, 04/15/2030     549,951
   305,000 6.00%, 02/01/2031     296,439
975,000 6.25%, 04/15/2032 943,633
1,310,000 8.38%, 11/01/2033 1,366,765
2,260,000 6.88%, 05/15/2034 2,207,998
4,090,000 Kinetik Holdings LP(c)
5.88%, 06/15/2030
4,105,047
  Kodiak Gas Services LLC(c)  
1,205,000 7.25%, 02/15/2029 1,248,446
1,530,000 5.88%, 04/01/2031 1,537,577
1,010,000 6.50%, 10/01/2033 1,020,910
570,000 6.75%, 10/01/2035 579,070
100,000 Nabors Industries Inc(c)
8.88%, 08/15/2031
104,178
800,000 Occidental Petroleum Corp
6.20%, 03/15/2040
817,067
225,000 Seventy Seven Energy Inc(g)(h)(i)
6.63%, 11/15/2026
23
720,000 SM Energy Co
6.75%, 09/15/2026
720,472
  Sunoco LP(c)  
1,045,000 5.38%, 07/15/2031 1,036,605
2,035,000 6.25%, 07/01/2033 2,043,866
120,000 5.63%, 07/15/2034 118,165
1,145,000 TGNR Intermediate Holdings LLC(c)
5.50%, 10/15/2029
1,119,526
692,308 Transocean Aquila Ltd(c)
8.00%, 09/30/2028
708,550
  Transocean International Ltd  
1,834,000 8.75%, 02/15/2030(c) 1,907,714
1,885,000 8.50%, 05/15/2031(c)(d) 1,976,984
260,000 7.88%, 10/15/2032(c) 277,810
1,720,000 6.80%, 03/15/2038 1,651,902
  Venture Global LNG Inc(c)  
1,935,000 9.00%, Perpetual(f) 1,927,349
800,000 9.50%, 02/01/2029 865,035
2,355,000 8.38%, 06/01/2031 2,449,142
2,265,000 9.88%, 02/01/2032 2,432,583
  Venture Global Plaquemines LNG LLC(c)  
340,000 7.50%, 05/01/2033 373,729
580,000 6.50%, 01/15/2034 604,618
340,000 7.75%, 05/01/2035 381,065
975,000 6.75%, 01/15/2036 1,032,673
378,000 Viper Energy Partners LLC
5.70%, 08/01/2035
380,952
  Weatherford International Ltd(c)  
1,360,000 8.63%, 04/30/2030 1,385,885
3,385,000 6.75%, 10/15/2033 3,458,688
    56,976,806
Principal Amount(a)   Fair Value
Financial — 10.55%
  Acrisure LLC / Acrisure Finance Inc(c)  
 1,715,000 8.50%, 06/15/2029 $  1,698,733
 1,645,000 7.50%, 11/06/2030   1,650,040
581,000 AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust
6.95%, 03/10/2055
    594,640
  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer(c)  
 1,275,000 5.88%, 11/01/2029   1,233,600
 2,750,000 7.00%, 01/15/2031   2,773,408
440,000 7.38%, 10/01/2032 435,799
1,830,000 Ally Financial Inc
8.00%, 11/01/2031
2,029,153
3,030,000 Apollo Commercial Real Estate Finance Inc REIT(c)
4.63%, 06/15/2029
3,005,583
278,000 Aretec Group Inc(c)
10.00%, 08/15/2030
295,282
  Asurion LLC / Asurion Co-Issuer Inc(c)  
1,740,000 8.00%, 12/31/2032 1,805,160
2,875,000 8.38%, 02/01/2034 2,791,229
  CrossCountry Intermediate HoldCo LLC(c)  
1,670,000 6.50%, 10/01/2030 1,591,742
2,625,000 6.75%, 12/01/2032 2,469,995
230,000 Dresdner Funding Trust I(c)
8.15%, 06/30/2031
246,471
  Encore Capital Group Inc(c)  
1,520,000 9.25%, 04/01/2029 1,590,300
2,380,000 8.50%, 05/15/2030 2,516,407
1,125,000 Freedom Mortgage Corp(c)
12.25%, 10/01/2030
1,213,844
4,000,000 Freedom Mortgage Holdings LLC(c)
8.38%, 04/01/2032
3,934,777
5,400,000 Iron Mountain Inc REIT(c)
6.25%, 01/15/2033
5,382,732
  Jane Street Group / JSG Finance Inc(c)  
3,690,000 6.13%, 11/01/2032 3,648,999
1,745,000 6.75%, 05/01/2033 1,770,421
  Jefferson Capital Holdings LLC(c)  
1,630,000 9.50%, 02/15/2029 1,710,211
2,935,000 8.25%, 05/15/2030 3,054,525
2,015,000 Jones Deslauriers Insurance Management Inc(c)
8.50%, 03/15/2030
2,048,102
3,125,000 Millrose Properties Inc REIT(c)
6.38%, 08/01/2030
3,124,028
4,670,000 MPT Operating Partnership LP / MPT Finance Corp REIT(c)
8.50%, 02/15/2032
4,734,502
  OneMain Finance Corp  
1,135,000 5.38%, 11/15/2029 1,094,495
1,355,000 7.50%, 05/15/2031 1,362,236
1,010,000 7.13%, 11/15/2031 1,000,705
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
 1,320,000 6.50%, 03/15/2033 $  1,261,822
  Osaic Holdings Inc(c)  
 2,450,000 6.75%, 08/01/2032   2,450,306
 2,690,000 8.00%, 08/01/2033   2,655,574
4,740,000 PHH Escrow Issuer LLC / PHH Corp(c)
9.88%, 11/01/2029
  4,573,798
3,580,000 PRA Group Inc(c)
8.88%, 01/31/2030
  3,614,590
  RHP Hotel Properties LP / RHP Finance Corp REIT(c)  
290,000 7.25%, 07/15/2028 296,086
2,485,000 6.50%, 04/01/2032 2,530,018
765,000 6.50%, 06/15/2033 778,981
1,110,000 5.75%, 03/15/2034 1,095,408
  Rocket Cos Inc(c)  
1,780,000 7.13%, 02/01/2032 1,834,705
2,450,000 6.38%, 08/01/2033 2,476,323
  Societe Generale SA(c)(f)  
330,000 4.75%, Perpetual 328,777
295,000 5.38%, Perpetual 276,493
2,180,000 Stonex Escrow Issuer LLC(c)
6.88%, 07/15/2032
2,203,167
435,000 XHR LP REIT(c)
6.63%, 05/15/2030
439,178
    87,622,345
Industrial — 7.47%
460,000 Arcosa Inc(c)
6.88%, 08/15/2032
471,336
  ATI Inc  
1,000,000 5.88%, 12/01/2027 999,807
460,000 4.88%, 10/01/2029 453,865
1,435,000 7.25%, 08/15/2030 1,488,051
245,000 5.13%, 10/01/2031 242,055
1,030,000 Avient Corp(c)
6.25%, 11/01/2031
1,037,193
  Axon Enterprise Inc(c)  
960,000 6.13%, 03/15/2030 975,884
1,265,000 6.25%, 03/15/2033 1,291,244
930,000 Beacon Mobility Corp(c)
7.25%, 08/01/2030
960,658
810,000 Boeing Co
5.88%, 02/15/2040
811,416
  Bombardier Inc(c)  
250,000 7.50%, 02/01/2029 259,579
1,225,000 8.75%, 11/15/2030 1,302,839
265,000 7.00%, 06/01/2032 275,028
715,000 Cemex SAB de CV(c)(f)
7.20%, Perpetual
723,938
500,000 Chart Industries Inc(c)
9.50%, 01/01/2031
525,248
915,000 Clean Harbors Inc(c)
6.38%, 02/01/2031
929,252
1,550,000 Clydesdale Acquisition Holdings Inc(c)
6.75%, 04/15/2032
1,466,523
2,240,000 Efesto Bidco SpA Efesto US LLC(c)
7.50%, 02/15/2032
2,228,646
Principal Amount(a)   Fair Value
Industrial — (continued)
255,000 EMRLD Borrower LP / Emerald Co-Issuer Inc
EUR, 6.38%, 12/15/2030
$    300,011
1,085,000 Energizer Gamma Acquisition BV
EUR, 3.50%, 06/30/2029
  1,178,564
440,000 Energizer Holdings Inc(c)
4.38%, 03/31/2029
    418,666
2,045,000 Esab Corp(c)
5.63%, 04/01/2031
  2,059,335
265,000 GFL Environmental Inc(c)
6.75%, 01/15/2031
    274,229
230,000 Graphic Packaging International LLC
EUR, 2.63%, 02/01/2029
    250,853
1,825,000 Imola Merger Corp(c)
4.75%, 05/15/2029
  1,773,779
  JH North America Holdings Inc(c)  
155,000 5.88%, 01/31/2031 153,712
1,645,000 6.13%, 07/31/2032 1,638,444
1,030,000 Mauser Packaging Solutions Holding Co(c)
7.88%, 04/15/2030
1,030,000
1,495,000 Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC(c)
6.75%, 04/01/2032
1,431,841
930,000 Quikrete Holdings Inc(c)
6.38%, 03/01/2032
943,023
1,480,000 Sensata Technologies BV(c)
5.88%, 09/01/2030
1,482,676
820,000 Smyrna Ready Mix Concrete LLC(c)
8.88%, 11/15/2031
845,584
1,060,000 Spirit AeroSystems Inc
4.60%, 06/15/2028
1,060,289
  Standard Building Solutions Inc(c)  
2,980,000 6.50%, 08/15/2032 2,981,541
2,220,000 6.25%, 08/01/2033 2,195,037
  Standard Industries Inc(c)  
225,000 4.38%, 07/15/2030 212,077
1,420,000 3.38%, 01/15/2031 1,272,840
  Terex Corp(c)  
530,000 5.00%, 05/15/2029 522,159
1,365,000 6.25%, 10/15/2032 1,373,897
3,395,000 Toucan FinCo Ltd / Toucan FinCo Can Inc / Toucan FinCo US LLC(c)
9.50%, 05/15/2030
2,998,224
  TransDigm Inc(c)  
2,570,000 6.88%, 12/15/2030 2,633,345
170,000 7.13%, 12/01/2031 175,467
5,000 6.00%, 01/15/2033 4,997
385,000 6.25%, 01/31/2034 389,247
2,475,000 6.75%, 01/31/2034 2,507,435
2,500,000 TTM Technologies Inc(c)
4.00%, 03/01/2029
2,400,898
1,280,000 Waste Pro USA Inc(c)
7.00%, 02/01/2033
1,294,401
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
1,960,000 Watco Cos LLC / Watco Finance Corp(c)
7.13%, 08/01/2032
$  2,012,949
  Weekley Homes LLC / Weekley Finance Corp(c)  
 1,230,000 4.88%, 09/15/2028   1,191,045
 3,325,000 6.75%, 01/15/2034   3,184,508
  WESCO Distribution Inc(c)  
   205,000 6.38%, 03/15/2029     208,671
   650,000 5.25%, 04/15/2031     646,120
1,550,000 6.63%, 03/15/2032 1,586,472
580,000 6.38%, 03/15/2033 590,882
365,000 Wrangler Holdco Corp(c)
6.63%, 04/01/2032
375,834
    62,041,614
Technology — 2.72%
2,815,000 AthenaHealth Group Inc(c)
6.50%, 02/15/2030
2,642,226
2,945,000 CACI International Inc(c)
6.38%, 06/15/2033
2,997,792
910,000 CDW LLC / CDW Finance Corp
3.25%, 02/15/2029
866,631
  Cloud Software Group Inc(c)  
2,140,000 6.50%, 03/31/2029 2,087,720
2,030,000 9.00%, 09/30/2029 1,958,287
2,450,000 Fortress Intermediate 3 Inc(c)
7.50%, 06/01/2031
2,434,929
2,010,000 McAfee Corp(c)
7.38%, 02/15/2030
1,660,645
  OAK-Eagle Acquireco Inc(c)  
1,440,000 7.25%, 07/01/2033 1,491,976
1,110,000 8.75%, 07/01/2034 1,162,050
260,000 ON Semiconductor Corp(c)
3.88%, 09/01/2028
250,855
1,650,000 Rocket Software Inc(c)
6.50%, 02/15/2029
1,484,988
  Seagate Data Storage Technology Pte Ltd(c)  
915,000 3.13%, 07/15/2029 817,900
810,000 5.88%, 07/15/2030 823,316
1,955,000 UKG Inc(c)
6.88%, 02/01/2031
1,910,652
    22,589,967
Utilities — 3.22%
2,890,000 California Buyer Ltd / Atlantica Sustainable Infrastructure PLC(c)
6.38%, 02/15/2032
2,823,745
  Clearway Energy Operating LLC(c)  
1,820,000 3.75%, 02/15/2031 1,685,273
1,715,000 3.75%, 01/15/2032 1,563,331
1,345,000 5.75%, 01/15/2034 1,321,732
580,000 Constellation Energy Generation LLC(c)
5.00%, 02/01/2031
581,561
Principal Amount(a)   Fair Value
Utilities — (continued)
765,000 Electricite de France SA(c)(f)
9.13%, Perpetual
$    885,878
  NRG Energy Inc(c)  
   915,000 10.25%, Perpetual(f)     987,030
 1,355,000 6.25%, 11/01/2034   1,365,802
 2,775,000 6.00%, 01/15/2036   2,749,767
  PG&E Corp  
 1,430,000 5.25%, 07/01/2030   1,411,113
780,000 7.38%, 03/15/2055 785,003
  Talen Energy Supply LLC(c)  
2,400,000 6.25%, 02/01/2034 2,373,260
2,400,000 6.50%, 02/01/2036 2,416,634
1,346,000 Vistra Corp(c)(f)
7.00%, Perpetual
1,347,726
  Vistra Operations Co LLC(c)  
1,565,000 5.00%, 07/31/2027 1,559,477
2,165,000 7.75%, 10/15/2031 2,267,798
565,000 6.88%, 04/15/2032 584,745
    26,709,875
TOTAL CORPORATE BONDS AND NOTES — 68.74%
(Cost $570,723,790) 		$570,808,868
CONVERTIBLE BONDS
Basic Materials — 0.38%
1,152,000 Centrus Energy Corp(c)(j)
(0.88%), 08/15/2032
1,219,968
879,000 Energy Fuels Inc(c)
0.75%, 11/01/2031
1,027,111
370,000 MP Materials Corp(c)
3.00%, 03/01/2030
880,600
    3,127,679
Communications — 1.61%
863,000 Alibaba Group Holding Ltd
0.50%, 06/01/2031
1,196,980
  AST SpaceMobile Inc(c)  
748,000 2.38%, 10/15/2032 1,101,430
472,000 2.00%, 01/15/2036 497,960
1,179,000 Cable One Inc(d)
1.13%, 03/15/2028
886,608
2,848,000 DoorDash Inc(c)(j)
2.37%, 05/15/2030
2,594,528
1,777,000 Etsy Inc(c)
1.00%, 06/15/2030
1,714,805
686,000 JD.com Inc
0.25%, 06/01/2029
682,227
879,000 Lyft Inc(c)(j)
1.42%, 09/15/2030
826,633
  Uber Technologies Inc  
763,000 1.21%, 05/15/2028(c)(j) 743,925
1,870,000 0.88%, 12/01/2028(d) 2,248,675
674,000 Wayfair Inc
3.25%, 09/15/2027
908,963
    13,402,734
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — 1.51%
1,268,000 Burlington Stores Inc
1.25%, 12/15/2027
$  2,092,200
125,000 IMAX Corp(c)
0.75%, 11/15/2030
    139,254
2,064,000 Liberty Media Corp / Liberty Formula One
2.25%, 08/15/2027
  2,380,824
  Live Nation Entertainment Inc  
 1,355,000 3.13%, 01/15/2029(d)   2,058,241
 2,192,000 2.88%, 01/15/2030   2,361,880
2,074,000 NCL Corp Ltd(c)
0.75%, 09/15/2030
  1,924,111
897,000 Patrick Industries Inc(d)
1.75%, 12/01/2028
1,552,259
    12,508,769
Consumer, Non-Cyclical — 2.72%
1,904,000 Affirm Holdings Inc
0.75%, 12/15/2029
1,781,739
  Alnylam Pharmaceuticals Inc  
613,000 1.00%, 09/15/2027 785,559
2,049,000 3.24%, 09/15/2028(c)(j) 1,897,913
326,000 Arrowhead Pharmaceuticals Inc(j)
(0.59%), 01/15/2032
337,279
1,110,000 Ascendis Pharma A/S
2.25%, 04/01/2028
1,628,370
477,000 Bridgebio Pharma Inc(c)
0.75%, 02/01/2033
472,564
1,408,000 Chefs' Warehouse Inc(d)
2.38%, 12/15/2028
2,075,392
594,000 Cytokinetics Inc(c)
1.75%, 10/01/2031
756,979
1,892,000 Halozyme Therapeutics Inc
1.00%, 08/15/2028
2,420,814
1,121,000 Ionis Pharmaceuticals Inc(c)(j)
(0.88%), 12/01/2030
1,167,942
742,000 Merit Medical Systems Inc(c)
3.00%, 02/01/2029
793,198
461,000 Mirum Pharmaceuticals Inc
4.00%, 05/01/2029
1,374,702
500,000 Oddity Finance LLC(c)(j)
11.15%, 06/15/2030
340,312
1,856,000 Post Holdings Inc
2.50%, 08/15/2027
2,009,120
1,829,000 Repligen Corp
1.00%, 12/15/2028
1,777,788
1,987,000 Spectrum Brands Inc(d)
3.38%, 06/01/2029
1,980,642
765,000 TransMedics Group Inc
1.50%, 06/01/2028
988,915
    22,589,228
Energy — 0.41%
1,247,000 Crescent Energy Co(c)
2.75%, 03/15/2031
1,431,556
  Liberty Energy Inc(c)(j)  
1,121,000 (1.75%), 03/01/2031 1,226,374
Principal Amount(a)   Fair Value
Energy — (continued)
   750,000 (0.25%), 03/01/2032 $    761,232
    3,419,162
Financial — 3.29%
2,491,000 Barclays Bank PLC
1.00%, 02/16/2029
  2,503,256
2,145,000 Boston Properties LP REIT(c)
2.00%, 10/01/2030
  1,946,588
1,759,000 Cipher Digital Inc(c)(j)
(2.94%), 10/01/2031
  1,960,728
1,225,000 Cleanspark Inc(c)(j)
8.35%, 02/15/2032
    821,975
1,478,000 Coinbase Global Inc(c)(j)
3.83%, 10/01/2032
1,183,139
1,978,000 Compass Inc(c)
0.25%, 04/15/2031
1,655,586
714,000 Core Scientific Inc(c)(j)
(4.96%), 06/15/2031
780,045
2,029,000 Digital Realty Trust LP REIT(c)
1.88%, 11/15/2029
2,147,961
2,508,000 Galaxy Digital Holdings LP(c)
0.50%, 05/01/2031
1,778,702
1,037,000 Hercules Capital Inc(c)
4.75%, 09/01/2028
1,001,742
1,131,000 IREN Ltd(c)(j)
7.10%, 07/01/2031
823,707
1,502,000 MARA Holdings Inc(j)
3.41%, 03/01/2030
1,324,764
629 SoFi Technologies Inc(c)(j)
(4.33%), 10/15/2026
644
  Terawulf Inc(c)  
1,047,000 1.00%, 09/01/2031 1,449,048
1,958,000 (0.52%), 05/01/2032(j) 2,022,445
  Welltower OP LLC REIT(c)  
1,159,000 2.75%, 05/15/2028 2,403,766
1,156,000 3.13%, 07/15/2029 1,829,714
1,523,000 WisdomTree Inc(c)
4.63%, 08/15/2030
1,655,501
    27,289,311
Industrial — 1.79%
2,031,000 AeroVironment Inc(j)
0.51%, 07/15/2030
1,987,333
1,330,000 Avnet Inc(c)
1.75%, 09/01/2030
1,441,720
2,245,000 Bloom Energy Corp(c)(j)
(1.34%), 11/15/2030
2,390,476
1,103,000 BWX Technologies Inc(c)(j)
(0.78%), 11/01/2030
1,142,708
704,000 Fluor Corp(d)
1.13%, 08/15/2029
866,976
1,812,000 Itron Inc
1.38%, 07/15/2030
1,821,060
1,547,000 JBT Marel Corp(c)
0.38%, 09/15/2030
1,499,043
1,465,000 Mirion Technologies Inc(c)(j)
1.01%, 10/01/2031
1,388,088
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
2,290,000 OSI Systems Inc(c)(d)
0.50%, 02/01/2031
$  2,336,945
    14,874,349
Technology — 6.26%
1,337,000 Box Inc
1.50%, 09/15/2029
  1,225,361
1,005,000 Camtek Ltd(c)(j)
(8.08%), 09/15/2030
  1,569,307
1,768,000 Cloudflare Inc(c)(j)
(2.81%), 06/15/2030
  2,004,477
1,538,000 CoreWeave Inc(c)
1.75%, 12/01/2031
  1,539,692
1,400,000 CyberArk Software Ltd(c)(j)
(1.18%), 06/15/2030
1,437,520
1,960,000 Datadog Inc(j)
0.95%, 12/01/2029
1,894,340
958,000 DigitalOcean Holdings Inc(c)(j)
(12.87%), 08/15/2030
2,193,341
2,654,000 Guidewire Software Inc
1.25%, 11/01/2029
2,642,389
974,000 Life360 Inc(c)(j)
2.31%, 06/01/2030
888,288
2,789,000 Lumentum Holdings Inc(c)
0.38%, 03/15/2032
10,736,329
926,000 Microchip Technology Inc(c)(j)
0.65%, 02/15/2030
903,313
1,339,000 MKS Inc
1.25%, 06/01/2030
2,212,028
  Nebius Group NV(c)  
571,000 1.00%, 09/15/2030 613,111
968,000 1.25%, 03/15/2031 929,958
1,269,000 Nova Ltd(c)(j)
(7.87%), 09/15/2030
1,952,905
1,474,000 Nutanix Inc
0.50%, 12/15/2029
1,328,818
913,000 Planet Labs PBC(c)
0.50%, 10/15/2030
2,296,195
589,000 Rubrik Inc(c)(j)
3.85%, 06/15/2030
506,835
777,000 Seagate HDD Cayman
3.50%, 06/01/2028
3,688,574
1,220,000 Semtech Corp(c)(d)(j)
(2.29%), 10/15/2030
1,361,520
2,034,000 Snowflake Inc(j)
(10.20%), 10/01/2027
2,402,154
  Strategy Inc  
2,244,000 3.72%, 03/01/2030(j) 1,958,546
1,061,000 2.25%, 06/15/2032(d) 1,081,690
649,000 Western Digital Corp
3.00%, 11/15/2028
4,645,672
    52,012,363
Utilities — 1.11%
2,106,000 CMS Energy Corp
3.38%, 05/01/2028
2,379,780
1,225,000 NextEra Energy Capital Holdings Inc
3.00%, 03/01/2027
1,699,688
Principal Amount(a)   Fair Value
Utilities — (continued)
2,531,000 PPL Capital Funding Inc
2.88%, 03/15/2028
$  2,965,066
1,959,000 Southern Co(d)
4.50%, 06/15/2027
  2,176,043
    9,220,577
TOTAL CONVERTIBLE BONDS — 19.08%
(Cost $140,774,052) 		$158,444,172
Shares    
COMMON STOCK
Basic Materials — 0.05%
9,200 Barrick Mining Corp 375,268
Communications — 0.02%
11,656 Altice France SA(k) 191,985
Consumer, Cyclical — 0.07%
7,900 Viking Holdings Ltd(k) 580,492
Energy — 0.13%
6,400 Exxon Mobil Corp 1,085,824
Industrial — 0.04%
8,430 GFL Environmental Inc 351,700
TOTAL COMMON STOCK — 0.31%
(Cost $1,980,214) 		$2,585,269
CONVERTIBLE PREFERRED STOCK
Basic Materials — 0.18%
21,224 Albemarle Corp 7.25% 1,518,557
Consumer, Cyclical — 0.15%
22,023 QXO Inc 5.50% 1,224,259
Financial — 0.60%
2,908 Bank of America Corp 7.25% 3,462,294
38,740 KKR & Co Inc 6.25%(d) 1,553,861
    5,016,155
Technology — 0.74%
12,911 Hewlett Packard Enterprise Co 7.63% 837,020
21,008 Microchip Technology Inc 7.50% 1,196,826
88,549 Oracle Corp 6.50% 4,070,597
    6,104,443
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Shares   Fair Value
Utilities — 0.48%
79,251 NextEra Energy Inc 7.38% $  3,973,645
TOTAL CONVERTIBLE PREFERRED STOCK — 2.15%
(Cost $18,482,930) 		$17,837,059
PREFERRED STOCK
Financial — 0.21%
29,935 Apollo Global Management Inc   1,757,143
Industrial — 0.53%
67,885 Boeing Co   4,406,416
TOTAL PREFERRED STOCK — 0.74%
(Cost $5,659,839) 		$6,163,559
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
20,813,609 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(l), 3.60%(m) $ 20,813,609
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 2.50%
(Cost $20,813,609) 		$20,813,609
TOTAL INVESTMENTS — 96.39%
(Cost $782,676,379) 		$800,457,455
OTHER ASSETS & LIABILITIES, NET — 3.61% $29,963,246
TOTAL NET ASSETS — 100.00% $830,420,701
 
(a)  Amount is stated in U.S. dollars unless otherwise noted.
(b)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(c)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $604,532,853, representing 72.80% of net assets.
(d)  All or a portion of the security is on loan as of March 31, 2026.
(e)  Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer.
(f)  Security has no contractual maturity date and pays an indefinite stream of interest.
(g)  Security in bankruptcy.
(h)  Security in default.
(i)  Security is fair valued using significant unobservable inputs.
(j)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(k)  Non-income producing security.
(l)  Collateral received for securities on loan.
(m)  Rate shown is the 7-day yield as of March 31, 2026.
EURIBOR  Euro Interbank Offered Rate
LP  Limited Partnership
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation/
(Depreciation)
CGM USD 774,860 EUR 672,000 06/17/2026 $(4,732)
CGM USD 1,156,396 GBP 871,400 06/17/2026 3,337
HSB USD 8,661,454 EUR 7,512,200 06/17/2026 (53,501)
HSB USD 1,042,525 GBP 785,600 06/17/2026 2,999
MS EUR 72,800 USD 84,401 06/17/2026 55
          Net Depreciation $(51,842)
             
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER HIGH YIELD BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation 		Notional Amount
(000)(a)
Value 		  Upfront
Payments/
Receipts 		Fixed
Deal
Pay/Receive
Rate 		Maturity
Date 		Net Unrealized
(Depreciation) 		Implied
Credit
Spread(b) 		Receive
Frequency 		Pay
Frequency
Sell Credit Protection                      
CDX.NA.HY.45(c) USD 11,004 $578,762   $781,679 5.00% 12/20/2030 $(202,917) 3.65% Quarterly -
      $578,762   $781,679   Net Depreciation $(202,917)      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(c) Based on an index of North American high yield bonds with investment grade credit ratings that trade in the credit default swap market.
Abbreviations  
CGM Citigroup Global Markets
HSB HSBC Bank USA
MS Morgan Stanley & Co LLC
Currency Abbreviations  
EUR Euro Dollar
GBP British Pound
USD U.S. Dollar
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Municipal Bonds And Notes — 0.11%
$      620,000 Louisiana Local Government Environmental Facilities & Community Development Authority, RB
4.28%, 02/01/2036   		$    609,098
Non-Agency — 13.49%
  1988 Ltd(a)(b)  
  Series 2024-4A Class D  
    1,075,000 7.92%, 04/15/2037
3-mo. SOFR + 4.25% 		  1,075,000
  Series 2024-5A Class A1  
1,325,000 5.21%, 07/15/2037
3-mo. SOFR + 1.54% 		1,325,827
  Series 2024-5A Class D1  
1,100,000 6.97%, 07/15/2037
3-mo. SOFR + 3.30% 		1,096,150
1,375,000 American Express Credit Account Master Trust
Series 2025-3 Class A
4.51%, 04/15/2032   		1,388,414
850,000 Ares LXV Ltd(a)(b)
Series 2022-65A Class DR
6.62%, 07/25/2034
3-mo. SOFR + 2.95% 		821,560
1,550,000 Bain Capital Credit(a)(b)
Series 2019-1A Class CR3
5.26%, 04/19/2034
3-mo. SOFR + 1.60% 		1,544,422
  Barclays Dryrock Issuance Trust  
  Series 2023-1 Class A  
1,900,000 4.72%, 02/15/2029   1,900,374
  Series 2025-1 Class A  
1,000,000 3.97%, 07/15/2031   995,889
500,000 Barings Ltd(a)(b)
Series 2024-4A Class B
5.32%, 10/20/2037
3-mo. SOFR + 1.65% 		499,985
2,500,000 Bbam US V Ltd(a)(b)
Series 2025-5A Class A1
5.03%, 07/25/2038
3-mo. SOFR + 1.36% 		2,505,610
1,500,000 Belmont Park Ltd(a)(b)
Series 2024-1A Class A1R
4.94%, 04/15/2037
3-mo. SOFR + 1.28% 		1,500,000
1,050,000 BMW Vehicle Lease Trust
Series 2025-1 Class A3
4.43%, 06/26/2028   		1,053,473
  Carlyle Global Market Strategies Ltd(a)(b)  
  Series 2021-8A Class A1R  
3,075,000 4.94%, 10/15/2038
3-mo. SOFR + 1.27% 		3,075,934
  Series 2022-3A Class A1R2  
2,590,000 4.83%, 04/20/2039
3-mo. SOFR + 1.16% 		2,584,312
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2025-3A Class A  
$    2,100,000 5.05%, 07/25/2038
3-mo. SOFR + 1.38% 		$  2,102,669
    2,100,000 CBAMR Ltd(a)(b)
Series 2017-4A Class A1R
5.09%, 03/31/2038
3-mo. SOFR + 1.42% 		  2,102,466
    1,875,000 Cedar Funding IV Ltd(a)(b)
Series 2014-4A Class AR3
5.01%, 01/23/2038
3-mo. SOFR + 1.34% 		  1,875,668
    2,500,000 CIFC Funding Ltd(a)(b)
Series 2025-2A Class A
4.80%, 04/15/2038
3-mo. SOFR + 1.13% 		  2,492,513
    1,840,000 Dewolf Park Ltd(a)(b)
Series 2017-1A Class AR2
4.87%, 01/22/2039
3-mo. SOFR + 1.21% 		  1,835,025
    1,450,000 Diameter Capital Ltd(a)(b)
Series 2025-10A Class A
4.98%, 04/20/2038
3-mo. SOFR + 1.31% 		  1,452,156
2,750,000 Elmwood Ltd(a)(b)
Series 2024-11A Class A
5.01%, 10/18/2037
3-mo. SOFR + 1.34% 		2,751,878
  Exeter Automobile Receivables Trust  
  Series 2025-1A Class A3  
204,036 4.67%, 08/15/2028   204,241
  Series 2025-3A Class A3  
900,000 4.78%, 07/16/2029   903,493
  Ford Credit Auto Owner Trust(a)  
  Series 2021-1 Class A  
500,000 1.37%, 10/17/2033   499,432
  Series 2024-1 Class A  
1,075,000 4.87%, 08/15/2036(c)   1,090,560
1,300,000 GoldenTree Loan Management US Ltd(a)(b)
Series 2026-29A Class A
4.83%, 04/20/2039
3-mo. SOFR + 1.23% 		1,300,000
  Halseypoint Ltd(a)(b)  
  Series 2020-2A Class D1R  
900,000 7.27%, 07/20/2037
3-mo. SOFR + 3.60% 		877,973
  Series 2023-7A Class A1R  
1,500,000 5.12%, 07/20/2038
3-mo. SOFR + 1.45% 		1,501,325
996,772 Honda Auto Receivables Owner Trust
Series 2023-4 Class A3
5.67%, 06/21/2028   		1,005,435
166,649 JPMorgan Mortgage Trust(a)(b)
Series 2023-HE3 Class A1
5.27%, 05/20/2054
1-mo. SOFR + 1.60% 		166,892
  Kennedy Lewis Ltd(a)(b)  
  Series 2024-15A Class A  
1,300,000 5.24%, 07/20/2037
3-mo. SOFR + 1.57% 		1,300,010
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2024-18A Class A  
$    1,575,000 5.04%, 01/20/2038
3-mo. SOFR + 1.37% 		$  1,576,562
  Series 2025-22A Class A  
    2,625,000 5.00%, 07/20/2038
3-mo. SOFR + 1.33% 		  2,627,704
    1,100,000 Oaktree Ltd(a)(b)
Series 2019-4A Class ARR
5.18%, 07/20/2037
3-mo. SOFR + 1.51% 		  1,101,100
    1,775,000 OCP Ltd(a)(b)
Series 2017-14A Class A1R
5.04%, 07/20/2037
3-mo. SOFR + 1.37% 		  1,775,147
    1,790,000 Octagon Ltd(a)(b)
Series 2021-1A Class B1R
5.12%, 10/15/2034
3-mo. SOFR + 1.45% 		  1,774,608
1,475,000 OHA Credit Funding Ltd(a)(b)
Series 2021-10RA Class A1
4.93%, 07/18/2037
3-mo. SOFR + 1.26% 		1,475,221
2,550,000 Palmer Square Ltd(a)(b)
Series 2024-3A Class A
5.02%, 07/20/2037
3-mo. SOFR + 1.35% 		2,550,638
800,000 Park Blue Ltd(a)(b)
Series 2022-1A Class A1R
5.09%, 10/20/2037
3-mo. SOFR + 1.42% 		800,590
2,625,000 Regatta Funding Ltd(a)(b)
Series 2024-4A Class A1
4.99%, 01/25/2038
3-mo. SOFR + 1.32% 		2,626,706
800,000 RR Ltd(a)(b)
Series 2024-29RA Class A2R
5.37%, 07/15/2039
3-mo. SOFR + 1.70% 		799,980
853,957 Santander Drive Auto Receivables Trust
Series 2025-1 Class A3
4.74%, 01/16/2029   		855,493
250,000 Sound Point IV-R Ltd(a)(b)
Series 2013-3RA Class D
7.18%, 04/18/2031
3-mo. SOFR + 3.51% 		245,382
107,333 Sunnova Hestia I Issuer LLC(a)
Series 2023-GRID1 Class 1A
5.75%, 12/20/2050   		104,990
1,450,000 Toyota Auto Loan Extended Note Trust(a)
Series 2025-1A Class A
4.65%, 05/25/2038   		1,461,463
1,100,000 Trinitas XXII Ltd(a)(b)
Series 2023-22A Class D1R
6.77%, 03/20/2038
3-mo. SOFR + 3.10% 		1,073,932
36,573 Voya Ltd(a)(b)
Series 2016-1A Class A1R
5.00%, 01/20/2031
3-mo. SOFR + 1.33% 		36,576
Principal Amount   Fair Value
Non-Agency — (continued)
$    2,050,000 Warwick Capital Ltd(a)(b)
Series 2023-1A Class AR
4.95%, 10/20/2038
3-mo. SOFR + 1.28% 		$  2,045,931
      785,267 Westlake Automobile Receivables Trust(a)
Series 2025-2A Class A2A
4.66%, 09/15/2028   		    786,697
    1,375,000 WF Card Issuance Trust
Series 2025-A1 Class A
4.34%, 05/15/2030   		  1,382,142
    2,070,000 Wise Ltd(a)(b)
Series 2023-2A Class A1R
4.77%, 04/15/2039
3-mo. SOFR + 1.10% 		  2,073,014
    2,775,000 Wonder Lake Park Ltd(a)(b)
Series 2025-1A Class A
4.96%, 07/24/2038
3-mo. SOFR + 1.29% 		  2,776,190
    74,778,752
TOTAL ASSET-BACKED SECURITIES — 13.60%
(Cost $75,691,490) 		$75,387,850
CORPORATE BONDS AND NOTES
Basic Materials — 0.08%
215,000 Freeport-McMoRan Inc
4.63%, 08/01/2030
213,587
250,000 Steel Dynamics Inc
1.65%, 10/15/2027
239,908
    453,495
Communications — 1.86%
2,225,000 Alphabet Inc
4.10%, 11/15/2030
2,209,833
425,000 AppLovin Corp
5.50%, 12/01/2034
421,481
  Expedia Group Inc  
217,000 3.25%, 02/15/2030 205,052
68,000 2.95%, 03/15/2031 62,298
425,000 FactSet Research Systems Inc
2.90%, 03/01/2027
417,753
  Meta Platforms Inc  
975,000 4.20%, 11/15/2030 965,539
1,925,000 4.88%, 11/15/2035 1,888,505
670,000 Netflix Inc
5.88%, 11/15/2028
697,043
1,610,000 Rogers Communications Inc
3.20%, 03/15/2027
1,590,113
  T-Mobile USA Inc  
1,190,000 3.75%, 04/15/2027 1,182,634
230,000 3.38%, 04/15/2029 222,898
440,000 3.88%, 04/15/2030 428,503
    10,291,652
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Consumer, Cyclical — 0.63%
$      125,000 AutoNation Inc
1.95%, 08/01/2028
$    117,555
      290,000 Hyatt Hotels Corp
5.50%, 06/30/2034
    292,908
  Las Vegas Sands Corp  
      490,000 5.63%, 06/15/2028     496,381
      180,000 6.00%, 06/14/2030     185,138
      310,000 Lennar Corp
4.75%, 11/29/2027
    310,475
      220,000 Lithia Motors Inc(a)
4.38%, 01/15/2031
    206,761
  Lowe's Cos Inc  
425,000 1.70%, 09/15/2028 399,412
225,000 3.75%, 04/01/2032 212,906
  Marriott International Inc  
500,000 5.00%, 10/15/2027 504,504
292,000 4.88%, 05/15/2029 295,315
465,000 4.50%, 05/01/2033 449,291
    3,470,646
Consumer, Non-Cyclical — 3.61%
166,000 AbbVie Inc
3.20%, 11/21/2029
160,035
110,000 Adventist Health System
2.95%, 03/01/2029
104,651
450,000 Alcon Finance Corp(a)
3.00%, 09/23/2029
427,562
675,000 Banner Health
2.34%, 01/01/2030
625,791
655,000 BAT Capital Corp
6.00%, 02/20/2034
692,300
245,000 Baylor Scott & White Holdings
1.78%, 11/15/2030
217,581
925,000 Becton Dickinson & Co
3.70%, 06/06/2027
917,386
275,000 Bristol-Myers Squibb Co
2.95%, 03/15/2032
252,051
327,000 Cardinal Health Inc
5.13%, 02/15/2029
332,681
  Constellation Brands Inc  
925,000 3.70%, 12/06/2026 920,961
64,000 4.75%, 05/09/2032(d) 63,515
125,000 CSL Finance PLC(a)
3.85%, 04/27/2027
124,314
  CVS Health Corp  
151,000 3.25%, 08/15/2029 144,697
225,000 1.88%, 02/28/2031 196,441
1,230,000 Elevance Health Inc
4.60%, 09/15/2032
1,211,428
  GE HealthCare Technologies Inc  
820,000 5.65%, 11/15/2027 836,288
144,000 5.86%, 03/15/2030 150,270
720,000 Global Payments Inc
5.55%, 11/15/2035
693,820
950,000 Haleon US Capital LLC
3.38%, 03/24/2027
940,710
  HCA Inc  
950,000 4.50%, 02/15/2027 950,001
200,000 5.63%, 09/01/2028 203,968
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$      475,000 5.45%, 04/01/2031 $    486,874
      580,000 J M Smucker Co
5.90%, 11/15/2028
    599,889
      230,000 JBS NV / JBS USA Foods Group Holdings Inc / JBS USA Food Co Holdings
3.75%, 12/01/2031
    214,790
    1,355,000 JDE Peet's NV(a)
1.38%, 01/15/2027
  1,321,453
      800,000 Keurig Dr Pepper Inc
4.60%, 05/25/2028
    799,755
  Mars Inc(a)  
    1,200,000 4.80%, 03/01/2030   1,212,629
1,050,000 5.00%, 03/01/2032 1,062,468
1,425,000 5.20%, 03/01/2035 1,438,567
25,000 Nature Conservancy
1.30%, 07/01/2028
23,063
875,000 Pernod Ricard International Finance LLC(a)
1.63%, 04/01/2031
755,873
225,000 Pilgrim's Pride Corp
4.25%, 04/15/2031
214,924
235,000 PRA Health Sciences Inc(a)
2.88%, 07/15/2026
233,115
255,000 Rush System for Health Obligated Group
3.92%, 11/15/2029
250,942
  Solventum Corp  
357,000 5.40%, 03/01/2029 365,205
460,000 5.60%, 03/23/2034 470,263
218,000 STERIS Irish FinCo Unlimited Co
2.70%, 03/15/2031
197,890
130,000 Sutter Health
2.29%, 08/15/2030
118,440
100,000 UnitedHealth Group Inc
4.20%, 05/15/2032
97,428
    20,030,019
Energy — 0.78%
  Cheniere Energy Partners LP  
220,000 4.50%, 10/01/2029 219,038
245,000 5.95%, 06/30/2033 256,836
745,000 Columbia Pipelines Operating Co LLC(a)
6.04%, 11/15/2033
784,980
210,000 DCP Midstream Operating LP
5.63%, 07/15/2027
212,729
  Energy Transfer LP  
1,000,000 4.20%, 04/15/2027 997,842
325,000 5.50%, 06/01/2027 328,012
930,000 Reliance Industries Ltd(a)
2.88%, 01/12/2032
836,373
710,000 Saudi Arabian Oil Co(a)
5.25%, 07/17/2034
706,009
    4,341,819
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — 2.82%
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
$    1,175,000 2.45%, 10/29/2026 $  1,162,057
      235,000 3.00%, 10/29/2028     226,207
      250,000 3.30%, 01/30/2032     227,056
      550,000 Ally Financial Inc
7.10%, 11/15/2027
    570,727
      295,000 Avolon Holdings Funding Ltd(a)
6.38%, 05/04/2028
    303,645
      200,000 Banco Santander SA
2.75%, 12/03/2030
    179,150
  Bank of America Corp  
804,000 5.20%, 04/25/2029 815,448
900,000 5.51%, 01/24/2036 917,803
  Bank of New York Mellon Corp  
75,000 4.60%, 07/26/2030 75,409
200,000 5.83%, 10/25/2033 212,002
200,000 Blackstone Private Credit Fund
6.00%, 01/29/2032
193,956
350,000 Blackstone Secured Lending Fund
5.88%, 11/15/2027
351,153
464,000 Chubb INA Holdings LLC
6.80%, 11/15/2031
512,294
590,000 Citigroup Inc
6.02%, 01/24/2036
602,348
  Crown Castle Inc REIT  
950,000 3.65%, 09/01/2027 938,630
1,811,000 3.30%, 07/01/2030 1,696,831
411,000 Fifth Third Bancorp
4.77%, 07/28/2030
411,062
224,000 Host Hotels & Resorts LP REIT
2.90%, 12/15/2031
199,142
450,000 ING Groep NV
4.02%, 03/28/2028
447,912
300,000 Invitation Homes Operating Partnership LP REIT
2.30%, 11/15/2028
282,343
235,000 LPL Holdings Inc(a)
4.00%, 03/15/2029
228,204
589,000 Morgan Stanley
5.16%, 04/20/2029
595,784
235,000 Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc(a)
3.63%, 03/01/2029
222,543
730,000 Synchrony Financial
4.95%, 02/25/2032
708,467
165,000 Truist Financial Corp
6.05%, 06/08/2027
165,416
445,000 US Bancorp
5.78%, 06/12/2029
457,718
1,875,000 Wells Fargo & Co
4.10%, 06/03/2026
1,874,704
1,037,000 Westpac Banking Corp
5.62%, 11/20/2035
1,049,223
    15,627,234
Principal Amount   Fair Value
Industrial — 1.51%
$      235,000 Atkore Inc(a)
4.25%, 06/01/2031
$    220,401
  Boeing Co  
      801,000 6.30%, 05/01/2029     840,918
       29,000 2.95%, 02/01/2030      27,291
      240,000 5.15%, 05/01/2030     244,018
      459,000 8.75%, 09/15/2031     536,847
      445,000 6.53%, 05/01/2034     484,758
335,000 IDEX Corp
2.63%, 06/15/2031
302,271
150,000 Johnson Controls International PLC / Tyco Fire & Security Finance SCA
4.90%, 12/01/2032
150,575
1,190,000 Mexico City Airport Trust
3.88%, 04/30/2028
1,160,905
230,000 Mueller Water Products Inc(a)
4.00%, 06/15/2029
221,581
235,000 Owens Corning
3.50%, 02/15/2030
225,475
  Penske Truck Leasing Co LP / PTL Finance Corp(a)  
1,075,000 4.40%, 07/01/2027 1,071,388
367,000 5.25%, 07/01/2029 372,329
275,000 Republic Services Inc
4.88%, 04/01/2029
279,118
661,000 SMBC Aviation Capital Finance Designated Activity Co(a)
5.70%, 07/25/2033
675,327
922,000 Vertiv Holdings Co
4.85%, 03/15/2036
896,523
  Waste Management Inc  
456,000 4.95%, 07/03/2031 466,401
200,000 4.15%, 04/15/2032 196,166
    8,372,292
Technology — 1.95%
  Broadcom Inc  
885,000 2.45%, 02/15/2031 803,748
340,000 4.15%, 04/15/2032(a) 328,951
250,000 3.47%, 04/15/2034 225,110
688,000 3.14%, 11/15/2035(a) 584,515
296,000 Constellation Software Inc(a)
5.16%, 02/16/2029
297,110
  Dell International LLC / EMC Corp  
150,000 5.30%, 10/01/2029 153,081
25,000 6.20%, 07/15/2030 26,418
955,000 Fidelity National Information Services Inc
4.80%, 03/10/2031
947,504
644,000 HP Inc
4.00%, 04/15/2029
632,765
210,000 Intel Corp
5.15%, 02/21/2034
209,425
  MSCI Inc(a)  
585,000 4.00%, 11/15/2029 568,216
225,000 3.63%, 09/01/2030 212,670
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
$      105,000 NXP BV / NXP Funding LLC / NXP USA Inc
5.00%, 01/15/2033
$    104,499
  Oracle Corp  
      475,000 4.50%, 05/06/2028     472,803
      104,000 2.95%, 04/01/2030      94,935
      700,000 5.25%, 02/03/2032     687,510
    1,000,000 6.25%, 11/09/2032   1,026,114
      537,000 4.90%, 02/06/2033     508,909
735,000 5.35%, 05/04/2033 715,507
665,000 5.70%, 02/04/2036 639,390
  Synopsys Inc  
437,000 5.00%, 04/01/2032 440,792
314,000 5.15%, 04/01/2035 314,600
400,000 Take-Two Interactive Software Inc
3.70%, 04/14/2027
396,394
  Workday Inc  
250,000 3.50%, 04/01/2027 247,803
175,000 3.80%, 04/01/2032 162,446
    10,801,215
Utilities — 0.17%
475,000 NiSource Inc
5.25%, 03/30/2028
482,488
220,000 NRG Energy Inc(a)
5.25%, 06/15/2029
217,813
230,000 Vistra Operations Co LLC(a)
5.00%, 07/31/2027
229,188
    929,489
TOTAL CORPORATE BONDS AND NOTES — 13.41%
(Cost $75,081,765) 		$74,317,861
FOREIGN GOVERNMENT BONDS AND NOTES
1,340,000 Eagle Funding Luxco SARL(a)
5.50%, 08/17/2030   		1,347,035
  Romanian Government International Bond  
856,000 3.00%, 02/14/2031 751,048
440,000 5.75%, 07/04/2036(a) 407,987
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 0.45%
(Cost $2,652,901) 		$2,506,070
MORTGAGE-BACKED SECURITIES
Non-Agency — 8.62%
1,600,000 BANK
Series 2017-BNK5 Class A5
3.39%,  06/15/2060   		1,580,874
  BANK5  
  Series 2024-5YR10 Class AS  
300,000 5.64%, 10/15/2057   305,095
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2024-5YR11 Class AS  
$      425,000 6.14%, 11/15/2057   $    439,706
  Series 2025-5YR13 Class AS  
      675,000 6.10%, 01/15/2058(e)       694,170
  Series 2025-5YR16 Class AS  
      850,000 5.75%, 08/15/2063(e)       870,551
  Series 2025-5YR17 Class A3  
1,050,000 5.23%, 11/15/2058   1,070,839
  Barclays Commercial Mortgage Securities Trust  
  Series 2018-TALL Class A  
1,050,000 4.59%, 03/15/2037(a)(b)
1-mo. SOFR + 0.92% 		994,913
  Series 2019-C3 Class C  
564,000 4.18%, 05/15/2052   513,441
  Series 2024-C24 Class A5  
550,000 5.42%, 02/15/2057   563,290
600,000 Benchmark Mortgage Trust
Series 2020-B22 Class A5
1.97%,  01/15/2054   		527,414
1,200,000 BFLD Commercial Mortgage Trust(a)(b)
Series 2024-UNIV Class A
5.17%,  11/15/2041
1-mo. SOFR + 1.49% 		1,200,375
706,741 BLP Commercial Mortgage Trust(a)(b)
Series 2024-IND2 Class A
5.01%,  03/15/2041
1-mo. SOFR + 1.34% 		706,907
950,000 BMO Mortgage Trust(e)
Series 2024-5C4 Class A3
6.53%,  05/15/2057   		995,430
700,000 BPR Trust(a)(e)
Series 2024-PMDW Class A
5.36%,  11/05/2041   		708,753
  BX Trust(a)  
  Series 2024-BIO Class A  
1,400,000 5.31%, 02/15/2041(b)
1-mo. SOFR + 1.64% 		1,396,489
  Series 2024-VLT5 Class A  
600,000 5.05%, 11/13/2046(e)   599,560
  Series 2025-BCAT Class A  
1,437,427 5.05%, 08/15/2042(b)
1-mo. SOFR + 1.38% 		1,437,427
  Series 2025-ROIC Class A  
878,414 4.82%, 03/15/2030(b)
1-mo. SOFR + 1.14% 		874,022
  Series 2025-TAIL Class A  
1,150,000 5.07%, 06/15/2035(b)
1-mo. SOFR + 1.40% 		1,150,000
  Chase Home Lending Mortgage Trust(a)(e)  
  Series 2024-3 Class A5  
175,000 6.00%, 02/25/2055   176,104
  Series 2024-3 Class A5A  
300,000 5.50%, 02/25/2055   296,570
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$      572,099 CIM Trust(a)(c)
Series 2025-I1 Class A2
5.91%,  10/25/2069   		$    575,522
    1,485,547 COLT Mortgage Loan Trust(a)(c)
Series 2025-8 Class A1
5.48%,  08/25/2070   		  1,490,658
      623,599 Credit Suisse Mortgage Trust(a)(e)
Series 2021-NQM6 Class A1
1.17%,  07/25/2066   		    537,542
      500,000 DC Trust(a)(e)
Series 2024-HLTN Class A
5.73%,  04/13/2040   		    501,995
    1,000,000 Durst Commercial Mortgage Trust(a)(e)
Series 2025-151 Class A
4.80%,  08/10/2042   		  1,009,229
    1,275,000 Ellington Financial Mortgage Trust(a)(c)
Series 2026-NQM4 Class A1A
5.47%,  04/25/2071   		  1,275,233
  Hudson Yards Mortgage Trust(a)(e)  
  Series 2025-SPRL Class A  
855,000 5.47%, 01/13/2040   874,894
  Series 2025-SPRL Class D  
525,000 6.34%, 01/13/2040   538,703
750,000 IRV Trust(a)(e)
Series 2025-200P Class A
5.29%,  03/14/2047   		755,894
680,974 JPMorgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2022-NLP Class B
5.03%,  04/15/2037
1-mo. SOFR + 1.36% 		669,057
  JPMorgan Mortgage Trust(a)(e)  
  Series 2021-LTV2 Class A1  
638,748 2.52%, 05/25/2052   543,528
  Series 2024-1 Class A4  
253,948 6.00%, 06/25/2054   254,497
1,074,531 KRE Commercial Mortgage Trust(a)(b)
Series 2025-AIP4 Class A
4.97%,  03/15/2042
1-mo. SOFR + 1.30% 		1,070,502
975,000 MAD Commercial Mortgage Trust(a)(e)
Series 2025-11MD Class D
5.94%,  10/15/2042   		989,641
  Morgan Stanley Residential Mortgage Loan Trust(a)(c)  
  Series 2025-DSC3 Class A1A  
1,317,427 4.91%, 09/25/2070   1,313,203
  Series 2025-NQM4 Class A1A  
1,326,715 5.59%, 06/25/2070   1,332,036
Principal Amount   Fair Value
Non-Agency — (continued)
$    1,200,000 NYC Commercial Mortgage Trust(a)(b)
Series 2025-11X Class A
5.42%,  10/15/2040
1-mo. SOFR + 1.74% 		$  1,200,375
  Onslow Bay Financial LLC(a)  
  Series 2022-J2 Class A1  
      481,915 3.50%, 08/25/2052(e)       434,358
  Series 2024-NQM2 Class A1  
      637,629 5.88%, 12/25/2063(c)       639,759
  Series 2025-NQM1 Class A1  
1,464,016 5.55%, 12/25/2064(e)   1,469,738
  Series 2025-NQM11 Class A1A  
985,753 5.42%, 05/25/2065(c)   988,786
  Series 2025-NQM15 Class A1A  
1,218,668 5.14%, 07/27/2065(c)   1,217,182
  ROCK Trust(a)  
  Series 2024-CNTR Class A  
900,000 5.39%, 11/13/2041   914,929
  Series 2024-CNTR Class D  
750,000 7.11%, 11/13/2041   779,388
350,000 TEXAS Commercial Mortgage Trust(a)(b)
Series 2025-TWR Class C
5.81%,  04/15/2042
1-mo. SOFR + 2.14% 		347,814
1,600,000 TPG Trust(a)(b)
Series 2024-WLSC Class A
5.81%,  11/15/2029
1-mo. SOFR + 2.13% 		1,592,242
  Verus Securitization Trust(a)  
  Series 2021-8 Class A1  
66,118 2.82%, 11/25/2066(e)   60,537
  Series 2022-1 Class A3  
586,175 3.29%, 01/25/2067(e)   536,135
  Series 2025-1 Class A1A  
1,243,707 5.62%, 01/25/2070(c)   1,250,306
  Series 2025-INV1 Class A1  
684,885 5.55%, 02/25/2070(c)   688,015
1,100,000 VTR Commercial Mortgage Trust(a)(e)
Series 2025-STEM Class A
4.70%,  10/13/2039   		1,089,717
1,050,000 WB Commercial Mortgage Trust(a)(e)
Series 2024-HQ Class B
5.99%,  03/15/2040   		1,049,892
  Wells Fargo Commercial Mortgage Trust  
  Series 2021-C59 Class A5  
925,000 2.63%, 04/15/2054   832,788
  Series 2024-1CHI Class A  
1,125,000 4.95%, 07/15/2035(a)(e)   1,129,794
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2024-1CHI Class B  
$      700,000 5.36%, 07/15/2035(a)(e)   $    701,566
    47,757,385
U.S. Government Agency — 0.63%
  Connecticut Avenue Securities Trust(a)(b)  
  Series 2021-R03 Class 1M2  
      203,943 5.31%, 12/25/2041
1-mo. SOFR + 1.65% 		    204,255
  Series 2022-R05 Class 2M1  
11,875 5.56%, 04/25/2042
1-mo. SOFR + 1.90% 		11,883
  Series 2022-R05 Class 2M2  
165,000 6.66%, 04/25/2042
1-mo. SOFR + 3.00% 		167,346
  Series 2024-R01 Class 1M2  
300,000 5.46%, 01/25/2044
1-mo. SOFR + 1.80% 		302,334
  Series 2024-R03 Class 2B1  
275,000 6.46%, 03/25/2044
1-mo. SOFR + 2.80% 		283,522
  Series 2024-R03 Class 2M2  
175,000 5.61%, 03/25/2044
1-mo. SOFR + 1.95% 		175,273
  Series 2024-R04 Class 1M2  
300,000 5.31%, 05/25/2044
1-mo. SOFR + 1.65% 		299,626
  Series 2026-R01 Class 2M2  
850,000 5.01%, 01/25/2046
1-mo. SOFR + 1.35% 		849,975
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b)  
  Series 2021-DNA5 Class M2  
32,616 5.31%, 01/25/2034
1-mo. SOFR + 1.65% 		32,616
  Series 2025-DNA3 Class A1  
1,185,750 4.61%, 09/25/2045
1-mo. SOFR + 0.95% 		1,183,247
    3,510,077
TOTAL MORTGAGE-BACKED SECURITIES — 9.25%
(Cost $51,300,449) 		$51,267,462
Principal Amount   Fair Value
U.S. TREASURY BONDS AND NOTES
  U.S. Treasury Inflation Indexed Bonds TIPS  
$  121,130,592(f) 1.13%, 10/15/2030 $120,057,723
  138,108,135(f) 1.88%, 07/15/2035 137,445,577
   26,702,945(f) 1.88%, 01/15/2036  26,383,695
   20,663,370(f) 2.13%, 02/15/2054  18,213,028
TOTAL U.S. TREASURY BONDS AND NOTES — 54.51%
(Cost $305,344,678) 		$302,100,023
Shares    
GOVERNMENT MONEY MARKET MUTUAL FUNDS
65,920 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(g), 3.60%(h) 65,920
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.01%
(Cost $65,920) 		$65,920
TOTAL INVESTMENTS — 91.23%
(Cost $510,137,203) 		$505,645,186
OTHER ASSETS & LIABILITIES, NET — 8.77% $48,633,065
TOTAL NET ASSETS — 100.00% $554,278,251
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
(a)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $124,582,669, representing 22.48% of net assets.
(b)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(c)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield as of March 31, 2026. Maturity date disclosed represents final maturity date.
(d)  All or a portion of the security is on loan as of March 31, 2026.
(e)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(f)  Principal amount of the security is adjusted for inflation.
(g)  Collateral received for securities on loan.
(h)  Rate shown is the 7-day yield as of March 31, 2026.
LP  Limited Partnership
RB  Revenue Bonds
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
TIPS  Treasury Inflation Protected Securities
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
U.S. 10 Year Treasury Note Futures 396 USD 43,975 Jun 2026 $(454,940)
U.S. 10 Year Treasury Ultra Futures 131 USD 14,871 Jun 2026 (177,337)
U.S. 2 Year Treasury Note Futures 1,221 USD 253,291 Jun 2026 (1,674,995)
U.S. 5 Year Treasury Note Futures 1,304 USD 141,066 Jun 2026 (1,167,030)
Short          
U.S. Long Bond Futures 27 USD 3,075 Jun 2026 (682)
U.S. Ultra Bond Futures 317 USD 36,950 Jun 2026 496,260
        Net Depreciation $(2,978,724)
As of March 31, 2026, the Fund held the following centrally cleared interest rate swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
1-day SOFR Annually 3.17% Annually USD 11,980 08/31/2027 $57,523   $(53,886)   $111,409
1-day SOFR Annually 3.06% Annually USD 36,670 08/31/2027 215,560   (108,008)   323,568
1-day SOFR Annually 3.18% Annually USD 100,530 03/15/2028 705,157   (167,303)   872,460
3.25% Annually 1-day SOFR Annually USD 1,350 06/17/2029 (12,041)   (1,098)   (10,943)
1-day SOFR Annually 3.30% Annually USD 79,820 08/31/2030 904,177   397,635   506,542
3.38% Annually 1-day SOFR Annually USD 51,200 08/31/2031 (572,735)   (227,804)   (344,931)
3.47% Annually 1-day SOFR Annually USD 18,280 08/31/2031 (130,856)   108,885   (239,741)
1-day SOFR Annually 3.41% Annually USD 66,080 01/31/2033 1,125,839   (163,513)   1,289,352
1-day SOFR Annually 3.50% Annually USD 3,030 06/17/2033 41,251   (8,545)   49,796
1-day SOFR Annually 3.81% Annually USD 28,850 08/31/2036 175,263   118,531   56,732
1-day SOFR Annually 3.83% Annually USD 10,740 08/31/2036 44,853   (67,918)   112,771
              $2,553,991   $(173,024)   $2,727,015
As of March 31, 2026, the Fund held the following centrally cleared inflation swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value Upfront
Payments
/Receipts 		Net Unrealized
Appreciation/
(Depreciation)
CPI-U At Maturity 3.39% At Maturity USD 42,100 06/23/2026 $367,761 $(15,226) $382,987
CPI-U At Maturity 2.45% At Maturity USD 81,413 07/19/2028 1,374,387 433,883 940,504
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER INFLATION-PROTECTED SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following centrally cleared inflation swaps — (continued)
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
CPI-U At Maturity 2.59% At Maturity USD 24,560 12/12/2029 $270,393   $196,629   $73,764
CPI-U At Maturity 2.65% At Maturity USD 36,530 09/23/2030 (158,413)   (119,527)   (38,886)
CPI-U At Maturity 2.57% At Maturity USD 15,720 11/28/2032 96,282   158,292   (62,010)
              $1,950,410   $654,051   $1,296,359
Abbreviations  
CPI-U United States of America Consumer Price Index
SOFR Secured Overnight Financing Rate
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 12.10%
1,041,277 AASET Trust(b)
Series 2024-2A Class A
5.93%, 09/16/2049   		$    1,048,947
699,766 ACM Auto Trust(b)
Series 2025-3A Class A
5.01%, 01/22/2030   		      699,091
140,000 Affirm Asset Securitization Trust(b)
Series 2024-X2 Class D
6.08%, 12/17/2029   		      140,351
1,640,000 Affirm Master Trust Series(b)
Series 2025-3A Class A
4.45%, 10/16/2034   		    1,632,893
550,780 ALTDE Trust(b)
Series 2025-1A Class A
5.90%, 08/15/2050   		      554,064
  American Credit Acceptance Receivables Trust(b)  
  Series 2023-4 Class D  
500,000 7.65%, 09/12/2030   513,958
  Series 2024-4 Class D  
200,000 5.34%, 08/12/2031   201,106
  Series 2025-1 Class C  
1,650,000 5.09%, 08/12/2031   1,658,882
  Series 2025-1 Class D  
300,000 5.54%, 08/12/2031   302,621
  Series 2025-4 Class C  
575,000 4.83%, 01/13/2031   576,342
520,000 AMSR Trust(b)
Series 2021-SFR3 Class D
2.18%, 10/17/2038   		511,322
  Applebee's Funding LLC / IHOP Funding LLC(b)  
  Series 2023-1A Class A2  
1,854,000 7.82%, 03/05/2053   1,868,954
  Series 2025-1A Class A2  
1,965,000 6.72%, 06/07/2055   1,965,436
  Aqua Finance Trust(b)  
  Series 2019-A Class A  
77,715 3.14%, 07/16/2040   75,672
  Series 2019-A Class C  
424,863 4.01%, 07/16/2040   415,832
  Arivo Acceptance Auto Loan Receivables Trust(b)  
  Series 2022-1A Class B  
335,489 4.77%, 06/15/2028   335,530
  Series 2025-1A Class A2  
1,233,490 4.92%, 05/15/2029   1,237,081
155,707 Ascent Education Funding Trust(b)
Series 2024-A Class A
6.14%, 10/25/2050   		158,864
1,282,000 Auxilior Term Funding LLC(b)
Series 2024-1A Class B
5.69%, 07/15/2031   		1,305,245
  Avis Budget Rental Car Funding AESOP LLC(b)  
  Series 2021-2A Class C  
160,000 2.35%, 02/20/2028   157,273
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-3A Class A  
385,000 5.44%, 02/22/2028   $      387,750
  Series 2023-3A Class D  
255,000 7.32%, 02/20/2028         256,989
  Series 2023-5A Class D  
250,000 7.35%, 04/20/2028         253,130
  Series 2023-8A Class C  
110,000 7.34%, 02/20/2030   114,740
  Series 2024-1A Class C  
100,000 6.48%, 06/20/2030   102,547
  Series 2024-2A Class D  
1,444,000 7.43%, 10/20/2028   1,465,917
1,080,000 Benefit Street Partners XXVIII Ltd(b)(c)
Series 2022-28A Class BR
5.37%, 10/20/2037
3-mo. SOFR + 1.70% 		1,082,741
470,000 Benefit Street Partners XXXVII Ltd(b)(c)
Series 2024-37A Class B
5.32%, 01/25/2038
3-mo. SOFR + 1.65% 		468,853
  BHG Securitization Trust(b)  
  Series 2022-A Class B  
62,063 2.70%, 02/20/2035   61,983
  Series 2023-B Class B  
240,269 7.45%, 12/17/2036   250,046
  Series 2024-1CON Class B  
112,551 6.49%, 04/17/2035   115,269
  Series 2024-1CON Class C  
87,674 6.86%, 04/17/2035   89,140
  Series 2025-1CON Class B  
133,531 5.26%, 04/17/2036   134,225
455,000 Birch Grove Ltd(b)(c)
Series 2024-9A Class A1
5.07%, 10/22/2037
3-mo. SOFR + 1.40% 		455,244
1,323,350 Bojangles Issuer LLC(b)
Series 2024-1A Class A2
6.58%, 11/20/2054   		1,331,205
  Bridgecrest Lending Auto Securitization Trust  
  Series 2023-1 Class D  
910,000 7.84%, 08/15/2029   948,089
  Series 2024-2 Class D  
730,000 6.30%, 02/15/2030   747,301
310,198 BXG Receivables Note Trust(b)
Series 2023-A Class A
5.77%, 11/15/2038   		314,185
243,225 CAL Funding IV Ltd(b)
Series 2020-1A Class A
2.22%, 09/25/2045   		233,391
  CarMax Auto Owner Trust  
  Series 2022-1 Class D  
100,000 2.47%, 07/17/2028   99,904
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-4 Class D  
100,000 7.16%, 04/15/2030   $      103,308
  Series 2024-1 Class D  
100,000 6.00%, 07/15/2030         101,697
1,000,000 CarMax Select Receivables Trust
Series 2025-B Class D
5.33%, 07/15/2031   		    1,002,963
  Carvana Auto Receivables Trust  
  Series 2021-P4 Class C  
135,000 2.33%, 02/10/2028   131,670
  Series 2023-N1 Class D  
920,000 6.69%, 07/10/2029(b)   935,934
  Series 2023-N4 Class D  
100,000 7.22%, 02/11/2030(b)   103,571
  Series 2024-N1 Class D  
100,000 6.30%, 05/10/2030(b)   101,949
  Series 2024-N3 Class D  
300,000 5.38%, 12/10/2030(b)   299,928
  Castlelake Aircraft Securitization Trust(b)  
  Series 2018-1 Class B  
176,351 5.30%, 06/15/2043   172,828
  Series 2019-1A Class A  
64,958 3.97%, 04/15/2039   64,311
  Series 2025-1A Class A  
1,111,182 5.78%, 02/15/2050   1,119,122
182,598 CLI Funding VI LLC(b)
Series 2020-3A Class A
2.07%, 10/18/2045   		171,842
515,578 CLI Funding VIII LLC(b)
Series 2025-R Class A
6.61%, 06/21/2050   		510,881
1,444,981 CLIF Holdings LLC(b)
Series 2025-1H Class A
6.72%, 12/20/2050   		1,433,946
  College Ave Student Loans LLC(b)  
  Series 2021-A Class C  
45,768 2.92%, 07/25/2051   43,284
  Series 2021-C Class D  
63,713 4.11%, 07/26/2055   59,903
  Series 2024-B Class A1A  
941,656 5.69%, 08/25/2054   960,604
  Series 2024-B Class B  
100,000 6.08%, 08/25/2054   101,734
1,259,449 Commercial Equipment Finance LLC(b)
Series 2025-1A Class A
4.83%, 05/15/2031   		1,259,792
62,927 Commonbond Student Loan Trust(b)
Series 2020-1 Class A
1.69%, 10/25/2051   		57,895
545,000 Compass Datacenters Issuer II LLC(b)
Series 2025-1A Class A1
5.32%, 05/25/2050   		541,623
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Compass Datacenters Issuer III LLC(b)  
  Series 2025-1A Class A2  
530,000 5.66%, 02/25/2050   $      532,611
  Series 2025-1A Class A3  
95,000 5.85%, 02/25/2050          95,216
  COOPR Residential Mortgage Trust(b)(d)  
  Series 2025-CES2 Class A1A  
700,231 5.50%, 06/25/2060   702,396
  Series 2025-CES3 Class A1A  
1,793,428 4.84%, 09/25/2060   1,779,744
  Series 2026-CES1 Class A1A  
591,802 4.87%, 01/01/2061   586,841
  CoreVest American Finance Trust(b)  
  Series 2019-3 Class A  
15,195 2.71%, 10/15/2052   15,167
  Series 2019-3 Class B  
145,000 3.16%, 10/15/2052   139,247
  Series 2019-3 Class C  
235,000 3.27%, 10/15/2052   220,126
  Series 2020-2 Class C  
100,000 4.54%, 05/15/2052(e)   98,821
  Series 2021-1 Class C  
105,000 2.80%, 04/15/2053   93,519
  Series 2021-3 Class D  
105,000 3.47%, 10/15/2054   94,371
858,001 CPS Auto Receivables Trust(b)
Series 2023-D Class C
7.17%, 01/15/2030   		865,322
  Credit Acceptance Auto Loan Trust(b)  
  Series 2024-1A Class C  
170,000 6.71%, 07/17/2034   173,148
  Series 2024-2A Class C  
235,000 6.70%, 10/16/2034   242,469
  Series 2024-3A Class C  
215,000 5.39%, 01/16/2035   216,366
  Series 2025-2A Class C  
300,000 5.38%, 03/17/2036   301,737
280,000 CyrusOne Data Centers Issuer I LLC(b)
Series 2024-3A Class A2
4.65%, 05/20/2049   		265,933
1,500,000 DataBank Issuer(b)
Series 2026-1A Class A2
5.81%, 02/25/2056   		1,490,612
1,060,000 DataBank Issuer II LLC(b)
Series 2025-1A Class A2
5.18%, 09/27/2055   		1,028,213
1,396,500 DB Master Finance LLC(b)
Series 2025-1A Class A2I
4.89%, 08/20/2055   		1,383,195
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  DT Auto Owner Trust(b)  
  Series 2023-1A Class D  
1,091,000 6.44%, 11/15/2028   $    1,104,820
  Series 2023-3A Class C  
506,014 6.40%, 05/15/2029         509,770
  Series 2023-3A Class D  
825,000 7.12%, 05/15/2029         846,521
67,043 Education Funding Trust(b)
Series 2020-A Class A
2.79%, 07/25/2041   		64,258
21,515 Elara HGV Timeshare Issuer LLC(b)
Series 2021-A Class C
2.09%, 08/27/2035   		20,585
  ELFI Graduate Loan Program LLC(b)  
  Series 2019-A Class A  
79,931 2.54%, 03/25/2044   75,571
  Series 2021-A Class B  
48,454 2.09%, 12/26/2046(e)   39,758
1,870,237 Ellington Financial Mortgage Trust(b)(d)
Series 2025-CES4 Class A1
5.43%, 06/25/2060   		1,873,083
272,886 EverBright Solar Trust(b)
Series 2024-A Class A
6.43%, 06/22/2054   		230,316
129,938 EWC Master Issuer LLC(b)
Series 2022-1A Class A2
5.50%, 03/15/2052   		128,935
  Exeter Automobile Receivables Trust  
  Series 2023-2A Class D  
205,000 6.32%, 08/15/2029   208,295
  Series 2023-3A Class D  
1,180,000 6.68%, 04/16/2029   1,201,809
  Series 2023-5A Class D  
655,000 7.13%, 02/15/2030   671,598
  Series 2024-5A Class D  
300,000 5.06%, 02/18/2031   300,045
  Series 2025-1A Class D  
575,000 5.49%, 05/15/2031   579,813
  Series 2026-2A Class C  
1,800,000 4.91%, 08/16/2032   1,797,461
  First Help Financial LLC(b)  
  Series 2024-3A Class C  
1,230,000 5.43%, 03/17/2031   1,174,655
  Series 2025-1A Class A2  
619,298 4.92%, 02/15/2031   619,027
  Series 2025-2A Class A2  
1,175,000 5.75%, 05/15/2030   1,179,699
  First Investors Auto Owner Trust(b)  
  Series 2022-1A Class D  
200,000 3.79%, 06/15/2028   199,614
  Series 2022-2A Class D  
145,000 8.71%, 10/16/2028   148,197
  Series 2025-1A Class D  
400,000 5.22%, 12/15/2033   400,945
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  FirstKey Homes Trust(b)  
  Series 2021-SFR1 Class D  
505,000 2.19%, 08/17/2038   $      499,238
  Series 2021-SFR1 Class E1  
335,000 2.39%, 08/17/2038         331,214
  Series 2021-SFR2 Class E1  
180,000 2.26%, 09/17/2038         177,588
  Series 2021-SFR2 Class E2  
140,000 2.36%, 09/17/2038   138,119
1,629,375 Five Guys Holdings Inc(b)
Series 2023-1A Class A2
7.55%, 01/26/2054   		1,659,558
  Flagship Credit Auto Trust(b)  
  Series 2021-2 Class D  
108,905 1.59%, 06/15/2027   108,165
  Series 2023-3 Class C  
20,000 6.01%, 07/16/2029   20,174
  Series 2024-3 Class B  
941,000 5.35%, 07/16/2029   943,009
244,375 FOCUS Brands Funding(b)
Series 2023-2 Class A2
8.24%, 10/30/2053   		255,815
175,000 Ford Credit Auto Lease Trust
Series 2023-B Class D
6.97%, 06/15/2028   		175,488
  Foundation Finance Trust(b)  
  Series 2023-2A Class A  
473,286 6.53%, 06/15/2049   490,858
  Series 2023-2A Class B  
80,137 6.97%, 06/15/2049   83,157
  Series 2024-2A Class D  
79,200 6.59%, 03/15/2050   80,985
  Series 2025-1A Class B  
510,501 5.26%, 04/15/2050   513,574
  Series 2025-1A Class D  
361,417 6.09%, 04/15/2050   363,537
  Series 2025-2A Class D  
405,000 5.68%, 04/15/2052   403,329
966,204 GGAM Master Trust International Ltd(b)
Series 2025-1A Class A
5.92%, 09/30/2060   		962,723
536,573 GITSIT Mortgage Loan Trust(b)(d)
Series 2025-NPL1 Class A1
6.28%, 02/25/2055   		536,913
1,011,630 Global SC Finance X Ltd(b)
Series 2025-1H Class A
6.17%, 09/20/2045   		1,006,488
  GLS Auto Receivables Issuer Trust(b)  
  Series 2021-3A Class E  
1,445,000 3.20%, 10/16/2028   1,444,090
  Series 2022-2A Class D  
416,097 6.15%, 04/17/2028   418,467
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2023-2A Class D  
155,000 6.31%, 03/15/2029   $      157,935
  Series 2023-4A Class D  
300,000 7.18%, 08/15/2029         308,604
  Series 2024-1A Class D  
200,000 5.95%, 12/17/2029         203,544
  Series 2024-2A Class D  
230,000 6.19%, 02/15/2030   234,962
  Series 2024-3A Class C  
1,300,000 5.21%, 02/18/2031   1,312,321
  Series 2025-2A Class D  
130,000 5.59%, 01/15/2031   131,875
  Series 2025-4A Class D  
630,000 5.13%, 08/15/2031   626,971
  GLS Auto Select Receivables Trust(b)  
  Series 2023-1A Class B  
900,000 6.09%, 03/15/2029   914,638
  Series 2023-2A Class A3  
842,000 6.38%, 02/15/2029   850,474
  Series 2024-2A Class C  
80,000 5.93%, 06/17/2030   81,948
  Series 2024-4A Class D  
100,000 5.28%, 10/15/2031   100,052
  Series 2025-1A Class C  
50,000 5.26%, 03/15/2031   50,440
  Series 2025-1A Class D  
50,000 5.74%, 04/15/2032   50,654
  Series 2025-3A Class C  
170,000 4.94%, 09/15/2031   169,466
1,515,000 GoldenTree Loan Management US Ltd(b)(c)
Series 2021-9A Class AR
5.17%, 04/20/2037
3-mo. SOFR + 1.50% 		1,515,000
141,297 GoodLeap Home Improvement Solutions Trust(b)
Series 2024-1A Class A
5.35%, 10/20/2046   		142,410
1,725,000 GreenSky Home Improvement Issuer Trust(b)
Series 2025-3A Class B
4.66%, 12/27/2060   		1,721,884
1,793,400 Hardee's Funding LLC(b)
Series 2024-1A Class A2
7.25%, 03/20/2054   		1,830,512
  Hertz Vehicle Financing III LLC(b)  
  Series 2023-1A Class D2  
127,500 9.13%, 06/25/2027   128,089
  Series 2025-3A Class C  
630,000 6.13%, 12/26/2029   634,427
  Hilton Grand Vacations Trust(b)  
  Series 2022-2A Class C  
315,433 5.57%, 01/25/2037   316,334
  Series 2024-1B Class C  
18,954 6.62%, 09/15/2039   19,317
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2024-1B Class D  
446,994 8.85%, 09/15/2039   $      459,398
  Series 2025-1A Class C  
78,825 5.52%, 05/27/2042          79,238
39,124 HIN Timeshare Trust(b)
Series 2024-A Class A
5.49%, 03/15/2043   		       39,583
  Home Partners of America Trust(b)  
  Series 2019-1 Class D  
152,436 3.41%, 09/17/2039   148,613
  Series 2019-2 Class D  
123,640 3.12%, 10/19/2039   120,022
  Series 2021-1 Class E  
81,056 2.58%, 09/17/2041   73,333
128,738 Horizon Aircraft Finance III Ltd(b)
Series 2019-2 Class A
3.43%, 11/15/2039   		126,159
100,000 HPEFS Equipment Trust(b)
Series 2023-2A Class D
6.97%, 07/21/2031   		100,678
100,000 Island Finance Trust(b)
Series 2025-1A Class A
6.54%, 03/19/2035   		100,671
170,755 Jack in the Box Funding LLC(b)
Series 2019-1A Class A2II
4.48%, 08/25/2049   		169,670
  Jersey Mike's Funding LLC(b)  
  Series 2024-1A Class A2  
1,084,050 5.64%, 02/15/2055   1,096,318
  Series 2026-1A Class A2I  
1,000,000 4.95%, 02/15/2056   986,305
392,847 JOL Air Ltd(b)
Series 2019-1 Class A
3.97%, 04/15/2044   		392,297
  JPMorgan Mortgage Trust(b)(e)  
  Series 2025-CES1 Class A1  
735,732 5.67%, 05/25/2055   738,837
  Series 2025-CES2 Class A1  
1,189,692 5.59%, 06/25/2055   1,193,761
  Kapitus Asset Securitization IV LLC(b)  
  Series 2024-1A Class 1A  
150,000 5.49%, 09/10/2031   150,241
  Series 2024-1A Class A  
395,000 5.49%, 09/10/2031   395,634
115,000 Kinetic ABS Issuer LLC(b)
Series 2026-1A Class A2
5.22%, 02/25/2056   		114,672
117,672 Labrador Aviation Finance Ltd(b)
Series 2016-1A Class A1
4.30%, 01/15/2042   		120,614
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  LAD Auto Receivables Trust(b)  
  Series 2023-1A Class D  
1,100,000 7.30%, 06/17/2030   $    1,109,312
  Series 2023-2A Class D  
710,000 6.30%, 02/15/2031         720,510
  Series 2023-4A Class C  
1,244,000 6.76%, 03/15/2029       1,271,666
  Series 2023-4A Class D  
75,000 7.37%, 04/15/2031   77,620
  Series 2024-3A Class C  
100,000 4.93%, 03/15/2030   100,651
  Series 2024-3A Class D  
100,000 5.18%, 02/17/2032   100,280
  Series 2025-1A Class D  
1,255,000 5.52%, 05/17/2032   1,271,243
1,742,098 Lafayette Federal Credit Union
Series 2026-HI1A Class A2
5.38%, 01/25/2046   		1,729,879
102,450 Laurel Road Prime Student Loan Trust(b)
Series 2020-A Class A2FX
1.40%, 11/25/2050   		95,668
  Lendbuzz Securitization Trust(b)  
  Series 2026-1A Class B  
90,940 5.16%, 12/16/2030   90,912
  Series 2026-1A Class C  
90,940 5.74%, 09/15/2031   91,188
1,000,000 Lendmark Funding Trust (b)
Series 2025-3A Class A
4.51%, 05/21/2035   		993,064
1,270,000 Libra Solutions LLC(b)
Series 2024-1A Class A
5.88%, 09/30/2038   		1,266,630
795,000 Lightpath Fiber Issuer LLC(b)
Series 2026-1A Class A2
5.60%, 03/25/2056   		792,796
  MAPS Ltd(b)  
  Series 2021-1A Class A  
171,130 2.52%, 06/15/2046   164,523
  Series 2026-1A Class A  
1,876,968 5.20%, 01/15/2051   1,833,428
  Mariner Finance Issuance Trust(b)  
  Series 2024-AA Class D  
100,000 6.77%, 09/22/2036   101,637
  Series 2025-AA Class A  
1,635,000 4.98%, 05/20/2038   1,647,167
  Marlette Funding Trust(b)  
  Series 2023-4A Class B  
450,000 8.15%, 12/15/2033   462,644
  Series 2024-1A Class B  
43,924 6.07%, 07/17/2034   44,060
  Series 2024-1A Class D  
425,000 6.93%, 07/17/2034   432,324
Principal Amount(a)   Fair Value
Non-Agency — (continued)
1,128,244 MAST Ltd(b)
Series 2026-1A Class A
5.13%, 02/15/2051   		$    1,109,035
  Merchants Fleet Funding LLC(b)  
  Series 2023-1A Class A  
414,988 7.21%, 05/20/2036         415,866
  Series 2023-1A Class D  
220,000 8.20%, 05/20/2036         221,732
  Mercury Financial Credit Card Master Trust(b)  
  Series 2024-2A Class A  
725,000 6.56%, 07/20/2029   726,186
  Series 2025-1A Class B  
385,000 6.16%, 12/22/2031   383,497
  MetroNet Infrastructure Issuer LLC(b)  
  Series 2025-2A Class A2  
1,250,000 5.40%, 08/20/2055   1,260,726
  Series 2025-2A Class B  
730,000 5.59%, 08/20/2055   731,475
  Mission Lane Credit Card Master Trust(b)  
  Series 2024-A Class B  
415,000 6.59%, 08/15/2029   416,173
  Series 2024-B Class A  
535,000 5.88%, 01/15/2030   535,868
  Series 2025-A Class A  
485,000 5.80%, 05/15/2030   487,705
1,199,000 MMP Capital LLC(b)
Series 2025-A Class B
5.72%, 12/15/2031   		1,210,299
97,670 Momnt Technologies Trust(b)
Series 2023-1A Class A
6.92%, 03/20/2045   		97,827
75,727 Mosaic Solar Loan Trust(b)
Series 2022-3A Class A
6.10%, 06/20/2053   		73,962
973,273 MPOWER Education Trust(b)
Series 2025-A Class A
6.62%, 07/21/2042   		984,253
  MVW Owner Trust(b)  
  Series 2021-2A Class C  
154,605 2.23%, 05/20/2039   147,094
  Series 2024-1A Class A  
675,651 5.32%, 02/20/2043   682,174
  Navient Student Loan Trust(b)  
  Series 2019-GA Class B  
100,000 3.08%, 10/15/2068   90,263
  Series 2020-HA Class A  
16,256 1.31%, 01/15/2069   15,447
  Series 2021-A Class A  
81,972 0.84%, 05/15/2069   75,046
  Series 2021-EA Class B  
115,000 2.03%, 12/16/2069   83,293
  Series 2021-FA Class B  
265,000 2.12%, 02/18/2070   188,952
  Series 2023-BA Class B  
245,000 7.23%, 03/15/2072   263,828
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
250,000 Nelnet Student Loan Trust(b)
Series 2021-BA Class B
2.68%, 04/20/2062   		$      225,153
260,000 New Economy Assets Phase 1 Sponsor LLC(b)
Series 2021-1 Class A1
1.91%, 10/20/2061   		      218,239
210,000 NFAS LLC(b)
Series 2025-1 Class A
6.35%, 05/15/2031   		      212,150
1,790,000 NMEF Funding LLC(b)
Series 2026-A Class C
4.71%, 02/15/2034   		    1,774,764
  Octane Receivables Trust(b)  
  Series 2025-1A Class A2  
1,680,000 4.25%, 02/20/2031       1,677,646
  Series 2025-1A Class D  
335,000 5.40%, 12/22/2031   333,605
  OneMain Financial Issuance Trust(b)  
  Series 2021-1A Class D  
270,000 2.47%, 06/16/2036   254,005
  Series 2022-S1 Class D  
270,000 5.20%, 05/14/2035   270,363
  Series 2025-1A Class D  
120,000 5.79%, 07/14/2038   120,744
743,241 Oportun Issuance Trust(b)
Series 2024-2 Class B
5.83%, 02/09/2032   		743,714
615,102 OWN Equipment Fund I LLC(b)
Series 2024-2M Class A
5.70%, 12/20/2032   		618,798
375,790 OWN Equipment Fund II LLC(b)
Series 2025-1M Class A
5.48%, 09/26/2033   		375,242
993,923 OWN Equipment Fund III LLC(b)
Series 2025-2M Class A
5.42%, 03/27/2034   		990,074
  Palmer Square BDC Ltd(b)(c)  
  Series 1A Class A  
920,000 5.27%, 07/15/2037
3-mo. SOFR + 1.60% 		920,374
  Series 1A Class B1  
650,000 5.82%, 07/15/2037
3-mo. SOFR + 2.15% 		651,557
1,225,000 PEAC Solutions Receivables LLC(b)
Series 2024-1A Class B
5.79%, 11/20/2030   		1,250,051
165,543 PK Alift Loan Funding 3 LP(b)
Series 2024-1 Class A1
5.84%, 09/15/2039   		168,343
  Planet Fitness Master Issuer LLC(b)  
  Series 2019-1A Class A2  
506,250 3.86%, 12/05/2049   482,100
  Series 2022-1A Class A2II  
96,000 4.01%, 12/05/2051   89,573
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2024-1A Class A2I  
1,369,150 5.77%, 06/05/2054   $    1,377,912
  Series 2025-1A Class A2I  
450,000 5.27%, 12/06/2055         449,838
524,281 PowerPay Issuance Trust(b)
Series 2024-1A Class A
6.53%, 02/18/2039   		      534,381
  Prestige Auto Receivables Trust(b)  
  Series 2022-1A Class D  
420,000 8.08%, 08/15/2028   423,171
  Series 2023-2A Class B  
121,812 6.64%, 12/15/2027   121,890
  Series 2023-2A Class D  
100,000 7.71%, 08/15/2029   101,251
  Progress Residential Trust(b)  
  Series 2021-SFR3 Class E1  
125,000 2.54%, 05/17/2026   124,500
  Series 2021-SFR3 Class E2  
105,000 2.69%, 05/17/2026   104,580
  Series 2021-SFR5 Class E1  
145,000 2.21%, 07/17/2038   143,845
  Series 2021-SFR5 Class E2  
100,000 2.36%, 07/17/2038   99,212
  Series 2021-SFR7 Class E1  
205,000 2.59%, 08/17/2040   191,420
  Series 2021-SFR7 Class E2  
100,000 2.64%, 08/17/2040   93,630
  Series 2021-SFR9 Class E1  
100,000 2.81%, 11/17/2040   94,486
  QTS Issuer ABS II LLC(b)  
  Series 2025-1A Class B  
385,000 5.78%, 10/05/2055   372,390
  Series 2026-1A Class B  
100,000 6.73%, 01/05/2056   98,971
  RCKT Mortgage Trust(b)(e)  
  Series 2024-CES1 Class A1A  
464,785 6.03%, 02/25/2044   466,706
  Series 2024-CES3 Class A1A  
903,875 6.59%, 05/25/2044   912,500
  Reach Financial LLC(b)  
  Series 2024-1A Class B  
899,634 6.29%, 02/18/2031   904,790
  Series 2024-2A Class B  
975,000 5.84%, 07/15/2031   983,631
  Series 2025-1A Class C  
135,000 5.99%, 08/16/2032   136,602
  Series 2025-2A Class B  
1,550,000 5.12%, 08/18/2032   1,552,319
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
500,000 Red Oak Funding Master Trust(b)(c)
Series 2025-1A Class A
5.67%, 12/20/2030
1-mo. SOFR + 2.00% 		$      500,988
265,000 Regional Management Issuance Trust(b)
Series 2025-2 Class D
6.01%, 11/16/2037   		      260,788
  Republic Finance Issuance Trust(b)  
  Series 2024-A Class A  
355,000 5.91%, 08/20/2032         356,328
  Series 2024-B Class C  
375,000 6.60%, 11/20/2037         381,156
54,081 Rockford Tower Ltd(b)(c)
Series 2018-1A Class A
5.02%, 05/20/2031
3-mo. SOFR + 1.36% 		54,091
795,000 Santander Drive Auto Receivables Trust
Series 2024-3 Class D
5.97%, 10/15/2031   		813,892
100,000 SBNA Auto Receivables Trust(b)
Series 2024-A Class C
5.59%, 01/15/2030   		101,354
1,580,000 Scalelogix ABS US Issuer LLC(b)
Series 2025-1A Class A2
5.67%, 07/25/2055   		1,553,569
  SCF Equipment Leasing LLC(b)  
  Series 2024-1A Class C  
100,000 5.82%, 09/20/2032   103,134
  Series 2024-1A Class D  
100,000 6.58%, 06/21/2033   103,713
440,000 SEB Funding LLC(b)
Series 2024-1A Class A2
7.39%, 04/30/2054   		447,818
1,600,000 SF ABS Issuer LLC(b)
Series 2025-1A Class A2
5.38%, 11/25/2055   		1,565,718
840,000 Shentel Issuer LLC(b)
Series 2025-1A Class A2
5.64%, 12/20/2055   		846,355
109,830 Shenton Aircraft Investment I Ltd(b)
Series 2015-1A Class A
4.75%, 10/15/2042   		109,830
  Sierra Timeshare Receivables Funding LLC(b)  
  Series 2023-2A Class B  
300,789 6.28%, 04/20/2040   307,294
  Series 2023-2A Class C  
26,385 7.30%, 04/20/2040   27,145
  Series 2023-3A Class C  
78,370 7.12%, 09/20/2040   80,461
  Series 2025-3A Class C  
99,194 4.98%, 08/22/2044   98,232
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  SLAM LLC(b)  
  Series 2021-1A Class A  
472,500 2.43%, 06/15/2046   $      447,923
  Series 2024-1A Class A  
577,778 5.34%, 09/15/2049         575,563
  SMB Private Education Loan Trust(b)  
  Series 2018-C Class B  
100,000 4.00%, 11/17/2042   98,079
  Series 2019-B Class A2A  
162,756 2.84%, 06/15/2037   159,870
  Series 2020-A Class A2A  
23,966 2.23%, 09/15/2037   23,273
  Series 2021-A Class A2A2  
80,817 4.52%, 01/15/2053(c)
1-mo. SOFR + 0.84% 		80,147
  Series 2021-D Class B  
200,000 2.31%, 03/17/2053   175,357
1,800,000 Sotheby's Artfi Master Trust(b)
Series 2026-1A Class A1
4.80%, 06/20/2033   		1,797,199
1,045,000 Sprite Ltd(b)
Series 2026-1 Class C
9.41%, 03/15/2041   		1,034,041
  Stream Innovations Issuer Trust(b)  
  Series 2024-1A Class A  
60,705 6.27%, 07/15/2044   62,489
  Series 2024-2A Class A  
234,980 5.21%, 02/15/2045   236,484
  Subway Funding LLC(b)  
  Series 2024-1A Class A2I  
1,288,688 6.03%, 07/30/2054   1,297,004
  Series 2024-1A Class A2II  
1,298,563 6.27%, 07/30/2054   1,309,844
86,060 Sunnova Helios II Issuer LLC(b)
Series 2019-AA Class A
3.75%, 06/20/2046   		78,850
298,021 Sunnova Helios V Issuer LLC(b)
Series 2021-A Class B
3.15%, 02/20/2048   		152,175
543,651 Sunnova Helios XIII Issuer LLC(b)
Series 2024-A Class A
5.30%, 02/20/2051   		466,256
297,733 Sunrun Atlas Issuer LLC(b)
Series 2019-2 Class A
3.61%, 02/01/2055   		287,224
77,711 Sunrun Demeter Issuer LLC(b)
Series 2021-2A Class A
2.27%, 01/30/2057   		70,534
1,790,000 Switch ABS Issuer LLC(b)
Series 2025-1A Class A2
5.04%, 03/25/2055   		1,724,565
1,615,000 Taco Bell Funding LLC(b)
Series 2025-1A Class A2I
4.82%, 08/25/2055   		1,590,188
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
413,279 Thrust Engine Leasing Designated Activity Co(b)
Series 2021-1A Class A
4.16%, 07/15/2040   		$      408,746
214,908 TIF Funding II LLC(b)
Series 2021-1A Class A
1.65%, 02/20/2046   		      196,053
85,000 TIF Funding III LLC(b)
Series 2024-1A Class A
5.48%, 04/20/2049   		       85,355
893,844 TMCL VII Holdings Ltd(b)
Series 2025-1H Class A
6.43%, 07/23/2050   		      892,608
  Towd Point Mortgage Trust(b)  
  Series 2024-CES1 Class A1A  
800,312 5.85%, 01/25/2064(e)         801,633
  Series 2025-CES4 Class A1A  
1,582,345 5.09%, 10/25/2065(d)   1,574,282
  Trafigura Securitisation Finance PLC(b)  
  Series 2024-1A Class A1  
1,055,000 5.05%, 11/15/2027(c)
1-day SOFR + 1.40% 		1,052,737
  Series 2024-1A Class B  
200,000 7.29%, 11/15/2027   200,113
  Tricon American Homes Trust(b)  
  Series 2020-SFR1 Class D  
230,000 2.55%, 07/17/2038   228,037
  Series 2020-SFR2 Class D  
895,000 2.28%, 11/17/2039   853,362
  Series 2020-SFR2 Class E1  
225,000 2.73%, 11/17/2039   215,222
490,000 Tricon Residential Trust(b)
Series 2021-SFR1 Class B
2.24%, 07/17/2038   		486,213
1,283,750 TSC SPV Funding LLC(b)
Series 2024-1A Class A2
6.29%, 08/20/2054   		1,295,819
410,323 United Auto Credit Securitization Trust(b)
Series 2023-1 Class D
8.00%, 07/10/2028   		412,477
100,000 Uniti Fiber ABS Issuer LLC(b)
Series 2025-1A Class A2
5.88%, 04/20/2055   		101,532
  Upgrade Master Pass Through Trust(b)  
  Series 2025-ST3 Class A  
784,662 5.98%, 06/15/2032   790,118
  Series 2025-ST4 Class A  
1,070,478 5.50%, 08/16/2032   1,072,858
741,194 UPX HIL Issuer Trust(b)
Series 2025-1 Class A
5.16%, 01/25/2047   		738,117
  US Bank NA(b)  
  Series 2023-1 Class B  
187,995 6.79%, 08/25/2032   189,583
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2026-RVM1 Class C  
1,350,000 5.60%, 12/25/2046   $    1,344,159
1,234,264 USQ Rail III LLC(b)
Series 2024-1A Class A
4.99%, 09/28/2054   		    1,208,094
  Veros Auto Receivables Trust(b)  
  Series 2024-1 Class C  
1,220,000 7.57%, 12/15/2028       1,251,615
  Series 2026-1 Class D  
100,000 5.66%, 07/15/2031   99,778
320,738 Vivint Solar Financing V LLC(b)
Series 2018-1A Class A
4.73%, 04/30/2048   		311,717
279,298 Volofin Finance Designated Activity Co(b)
Series 2024-1A Class A
5.94%, 06/15/2037   		282,901
553,534 Westgate Resorts LLC(b)
Series 2024-1A Class A
6.06%, 01/20/2038   		560,130
  Westlake Automobile Receivables Trust(b)  
  Series 2023-1A Class D  
155,000 6.79%, 11/15/2028   157,481
  Series 2023-4A Class D  
640,000 7.19%, 07/16/2029   657,373
  Series 2024-2A Class B  
1,325,000 5.62%, 03/15/2030   1,333,220
  Series 2024-2A Class D  
200,000 5.91%, 04/15/2030   203,992
  Series 2025-1A Class D  
200,000 5.54%, 11/15/2030   201,583
226,387 Willis Engine Structured Trust VII(b)
Series 2023-A Class A
8.00%, 10/15/2048   		231,594
155,000 Wingstop Funding LLC(b)
Series 2024-1A Class A2
5.86%, 12/05/2054   		157,413
1,150,000 Zayo Issuer LLC(b)
Series 2025-3A Class A2
5.57%, 10/20/2055   		1,151,238
TOTAL ASSET-BACKED SECURITIES — 12.10%
(Cost $171,353,410) 		$171,359,624
BANK LOANS
294,771 Acrisure LLC(c)
6.67%, 11/06/2030
1-mo. SOFR + 3.01% 		285,283
1,100,000 Advanced Drainage Systems Inc(c)
5.30%, 02/11/2033
1-mo. SOFR + 1.64% 		1,103,438
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
329,140 Agiliti Health Inc(c)(f)
6.67%, 05/01/2030
3-mo. SOFR + 2.99% 		$      319,540
497,934 AI Aqua Merger Sub Inc(c)
6.42%, 07/31/2028
1-mo. SOFR + 2.75% 		      495,840
367,510 AL GCX Holdings LLC(c)
5.68%, 01/30/2032
1-mo. SOFR + 2.01% 		      366,591
785,273 Albion Financing 3 SARL(c)
6.68%, 05/21/2031
3-mo. SOFR + 3.00% 		      783,310
402,001 AlixPartners LLP(c)
5.67%, 08/12/2032
1-mo. SOFR + 2.00% 		      397,856
597,000 Allied Universal Holdco LLC(c)
6.92%, 08/20/2032
1-mo. SOFR + 3.26% 		      596,565
935,000 Allison Transmission Inc(c)
5.42%, 01/02/2033
1-mo. SOFR + 1.76% 		      936,836
473,899 Altice France SA(c)
7.79%, 05/01/2028
3-mo. SOFR + 4.11% 		469,555
665,813 Amentum Holdings LLC(c)
3.67%, 09/29/2031
1-mo. SOFR + 0.01% 		664,773
223,875 Amneal Pharmaceuticals LLC(c)
6.67%, 08/02/2032
1-mo. SOFR + 3.00% 		224,434
731,469 Amynta Agency Borrower Inc(c)
6.17%, 01/14/2031
1-mo. SOFR + 2.51% 		719,582
  Applied Systems Inc(c)  
614,303 5.96%,02/24/2031
3-mo. SOFR + 2.27% 		601,633
75,000 8.18%,02/23/2032
3-mo. SOFR + 4.50% 		73,500
  Aramark Services Inc(c)  
130,000 5.42%,04/06/2028
1-mo. SOFR + 1.76% 		130,163
1,131,307 5.43%,06/22/2030
1-mo. SOFR + 1.76% 		1,130,954
624,122 Arcline FM Holdings LLC(c)
6.42%, 06/23/2030
3-mo. SOFR + 2.74% 		623,862
2,684,312 Ardonagh FinCo Ltd(c)
6.62%, 02/15/2031
3-mo. SOFR + 2.94% 		2,622,795
407,900 Ascend Learning LLC(c)
6.67%, 12/11/2028
1-mo. SOFR + 3.01% 		397,703
549,450 Aspire Bakeries Holdings LLC(c)
6.67%, 12/23/2030
1-mo. SOFR + 3.01% 		548,763
1,455,397 Asplundh Tree Expert LLC(c)
5.42%, 05/23/2031
1-mo. SOFR + 1.75% 		1,457,996
Principal Amount(a)   Fair Value
Bank Loans — (continued)
48,462 Baldwin Insurance Group Holdings LLC(c)
6.18%, 05/27/2031
1-mo. SOFR + 2.51% 		$       47,614
932,909 Bausch + Lomb Corp(c)
7.42%, 01/15/2031
1-mo. SOFR + 3.76% 		      934,075
479,571 BIFM US Finance LLC(c)
6.92%, 05/31/2028
1-mo. SOFR + 3.25% 		      479,121
2,235,000 BioMarin Pharmaceutical Inc(c)
5.42%, 01/29/2031
1-mo. SOFR + 1.76% 		    2,229,413
613,463 Blackfin Pipeline LLC(c)
6.67%, 09/29/2032
1-mo. SOFR + 3.01% 		      616,530
531,324 Broadstreet Partners Inc(c)
6.18%, 06/13/2031
1-mo. SOFR + 2.51% 		      517,244
155,000 Brown Group Holding LLC(c)
6.16%, 07/01/2031
3-mo. SOFR + 2.47% 		      155,073
705,000 CACI International Inc(c)
5.43%, 02/26/2033
1-mo. SOFR + 1.77% 		704,559
410,000 Catawba Nation Gaming Authority(c)
8.42%, 03/29/2032
3-mo. SOFR + 4.74% 		415,125
646,413 Central Parent LLC(c)
6.92%, 07/06/2029
3-mo. SOFR + 3.24% 		459,276
527,015 Century DE Buyer LLC(c)
6.67%, 10/30/2030
3-mo. SOFR + 2.98% 		511,336
476,771 Chariot Buyer LLC(c)
6.67%, 09/08/2032
1-mo. SOFR + 3.00% 		471,407
237,539 Ciena Corp(c)
5.43%, 10/24/2030
1-mo. SOFR + 1.76% 		237,480
282,143 Citadel Securities LP(c)
5.68%, 10/31/2031
3-mo. SOFR + 2.00% 		282,182
965,000 Clean Harbors Inc(c)
5.18%, 09/24/2032
1-mo. SOFR + 1.52% 		970,228
534,614 Cloud Software Group Inc(c)
6.96%, 03/21/2031
3-mo. SOFR + 3.27% 		488,169
395,000 Clydesdale Acquisition Holdings Inc(c)
6.84%, 04/13/2029
1-mo. SOFR + 3.18% 		375,867
590,598 CMG Media Corp(c)
7.18%, 06/18/2029
3-mo. SOFR + 3.50% 		550,733
651,941 CNT Holdings I Corp(c)
6.17%, 11/08/2032
3-mo. SOFR + 2.49% 		651,092
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
437,854 Cogeco Communications Finance US LP(c)
6.92%, 09/18/2030
1-mo. SOFR + 3.26% 		$      413,693
243,153 Columbus McKinnon Co(c)
7.17%, 02/03/2033
3-mo. SOFR + 3.49% 		      241,786
230,000 CompoSecure Holdings LLC(c)
5.92%, 01/14/2033
1-mo. SOFR + 2.25% 		      228,850
497,785 ConnectWise LLC(c)
7.46%, 09/29/2028
3-mo. SOFR + 3.78% 		      457,029
450,835 Cotiviti Inc(c)
6.42%, 05/01/2031
1-mo. SOFR + 2.75% 		      414,768
539,186 CPM Holdings Inc(c)
8.17%, 09/28/2028
1-mo. SOFR + 4.51% 		      539,051
1,437,369 DaVita Inc(c)
5.42%, 05/09/2031
1-mo. SOFR + 1.75% 		    1,438,908
2,360,782 Dayforce Inc(c)
6.67%, 02/04/2033
3-mo. SOFR + 2.99% 		2,230,349
570,687 Dechra Finance US LLC(c)
6.50%, 01/27/2032
6-mo. SOFR + 2.80% 		569,617
  Del Monte Foods Inc(c)  
84,727 4.67%,04/02/2026
1-mo. SOFR + 1.00% 		80,491
167,230 8.02%,08/02/2028
1-mo. SOFR + 4.35% 		5,017
385,043 8.53%,08/02/2028
1-mo. SOFR + 4.86% 		3,850
73,460 11.67%,08/02/2028
1-mo. SOFR + 8.00% 		34,526
536,939 DG Investment Intermediate Holdings 2 Inc(c)
6.93%, 07/09/2032
1-mo. SOFR + 3.26% 		535,596
536,957 DirecTV Financing LLC(c)
8.92%, 08/02/2029
3-mo. SOFR + 5.24% 		537,930
697,950 DK Crown Holdings Inc(c)
5.43%, 03/04/2032
1-mo. SOFR + 1.76% 		696,766
139,300 DXP Enterprises Inc(c)
6.92%, 10/11/2030
1-mo. SOFR + 3.25% 		139,909
118,503 Dynamo US Bidco Inc(c)
6.95%, 10/31/2031
3-mo. SOFR + 3.27% 		102,950
1,051,585 Eagle Broadband Investments LLC(c)
6.79%, 11/12/2027
3-mo. SOFR + 3.10% 		998,480
500,356 ECL Entertainment LLC(c)
6.67%, 08/30/2030
1-mo. SOFR + 3.01% 		495,353
Principal Amount(a)   Fair Value
Bank Loans — (continued)
128,050 Endo Finance Holdings Inc(c)
7.67%, 04/23/2031
1-mo. SOFR + 4.00% 		$      127,143
365,000 Ensemble RCM LLC(c)
6.67%, 02/09/2033
3-mo. SOFR + 2.99% 		      359,981
238,200 EOC Borrower LLC(c)
6.92%, 03/24/2032
1-mo. SOFR + 3.26% 		      237,128
364,076 Epicor Software Corp(c)
6.17%, 05/30/2031
1-mo. SOFR + 2.50% 		      356,385
133,313 Financiere Mendel(c)
6.38%, 11/08/2030
3-mo. SOFR + 2.70% 		      134,146
385,000 Finastra USA Inc(c)
7.67%, 09/15/2032
3-mo. SOFR + 3.99% 		      360,387
  First Brands Group LLC(c)  
141,413 13.67%,06/29/2026
1-mo. SOFR + 10.01% 		31,111
423,490 8.69%,03/30/2027
1-mo. SOFR + 5.03% 		1,059
315,000 8.78%,03/30/2027
1-mo. SOFR + 5.11% 		788
  Flutter Entertainment PLC(c)  
1,761,131 5.42%,11/30/2030
3-mo. SOFR + 1.74% 		1,739,117
764,225 5.68%,06/04/2032
3-mo. SOFR + 2.00% 		754,911
605,417 Focus Financial Partners LLC(c)
6.17%, 09/15/2031
1-mo. SOFR + 2.51% 		584,133
560,000 Freeport LNG Investments LLP(c)
6.92%, 02/11/2033
3-mo. SOFR + 3.24% 		558,600
701,095 Fugue Finance BV (c)
5.92%, 01/09/2032
3-mo. SOFR + 2.24% 		691,236
842,518 Gainwell Acquisition Corp(c)
7.79%, 10/01/2027
3-mo. SOFR + 4.11% 		815,136
843,085 Garda World Security Corp(c)
6.42%, 02/01/2029
3-mo. SOFR + 2.74% 		836,762
572,988 Genesys Cloud Services Holdings II LLC(c)
6.17%, 01/30/2032
1-mo. SOFR + 2.51% 		546,282
151,125 Genmab A/S(c)
6.68%, 12/10/2032
3-mo. SOFR + 3.00% 		151,526
449,729 Glatfelter Corp(c)
7.91%, 11/04/2031
3-mo. SOFR + 4.23% 		430,616
712,069 Global Medical Response Inc(c)
7.17%, 10/01/2032
3-mo. SOFR + 3.49% 		708,670
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
523,688 Gloves Buyer Inc(c)
7.68%, 05/21/2032
1-mo. SOFR + 4.01% 		$      521,396
155,000 Graham Packaging Co Inc(c)
5.92%, 01/26/2033
1-mo. SOFR + 2.26% 		      153,063
358,781 Gray Television Inc(c)
6.78%, 12/01/2028
1-mo. SOFR + 3.12% 		      358,377
310,000 Green Infrastructure Partners Inc(c)
6.43%, 09/24/2032
3-mo. SOFR + 2.75% 		      309,225
555,000 Grifols Worldwide Operations USA Inc(c)
5.78%, 11/15/2027
1-mo. SOFR + 2.12% 		      554,133
385,804 Hamilton Projects Acquiror LLC(c)
6.17%, 05/30/2031
1-mo. SOFR + 2.50% 		      386,126
  Hanger Inc(c)  
526,604 7.17%,10/23/2031
1-mo. SOFR + 3.51% 		527,482
39,989 7.17%,10/24/2031(f)
1-mo. SOFR + 3.51% 		40,055
556,525 Harbor Freight Tools USA Inc(c)
6.17%, 06/11/2031
1-mo. SOFR + 2.51% 		549,836
773,969 Hilton Worldwide Finance LLC(c)
5.42%, 11/08/2030
1-mo. SOFR + 1.75% 		774,856
515,000 Hopper Merger Sub Inc(c)
5.92%, 01/14/2033
1-mo. SOFR + 2.26% 		507,978
417,629 Hunter Douglas Holding BV(c)
6.93%, 01/17/2032
3-mo. SOFR + 3.25% 		415,018
593,503 Indicor LLC(c)
6.19%, 11/22/2029
3-mo. SOFR + 2.51% 		593,256
621,875 INEOS Finance PLC(c)
6.93%, 02/19/2030
1-mo. SOFR + 3.26% 		597,000
570,000 Innio Group Holding GmbH(c)
5.67%, 11/03/2031
3-mo. SOFR + 1.99% 		565,369
475,000 ION Platform Finance US Inc(c)
7.42%, 10/07/2032
3-mo. SOFR + 3.74% 		379,321
236,977 IVC Acquisition Ltd(c)
7.42%, 12/12/2028
3-mo. SOFR + 3.74% 		235,496
408,970 Javelin Buyer Inc(c)
6.42%, 12/05/2031
3-mo. SOFR + 2.74% 		388,777
114,713 Karman Holdings LLC(c)
6.41%, 04/01/2032
3-mo. SOFR + 2.73% 		114,378
Principal Amount(a)   Fair Value
Bank Loans — (continued)
391,021 KUEHG Corp(c)
6.42%, 06/12/2030
3-mo. SOFR + 2.74% 		$      347,764
425,000 LBM Acquisition LLC(c)
7.58%, 06/06/2031
1-mo. SOFR + 3.92% 		      339,233
263,668 Leia FinCo US LLC(c)
6.90%, 10/09/2031
3-mo. SOFR + 3.22% 		      251,709
702,681 Lernen Bidco Ltd(c)
7.18%, 10/27/2031
6-mo. SOFR + 3.48% 		      673,402
495,000 Level 3 Financing Inc(c)
6.92%, 03/29/2032
1-mo. SOFR + 3.26% 		      494,588
  LifePoint Health Inc(c)  
93,578 7.18%,05/16/2031
3-mo. SOFR + 3.49% 		       93,435
547,322 7.42%,05/16/2031
3-mo. SOFR + 3.74% 		547,117
49,251 Light & Wonder International Inc(c)
5.92%, 04/14/2029
1-mo. SOFR + 2.26% 		48,913
581,458 LSF12 Crown US Commercial Bidco LLC(c)
6.67%, 12/02/2031
1-mo. SOFR + 3.00% 		581,313
269,325 Lumexa Imaging Holdings Inc(c)
6.67%, 12/17/2032
3-mo. SOFR + 2.99% 		269,830
661,667 Lummus Technology Holdings V LLC(c)
6.16%, 12/31/2029
1-mo. SOFR + 2.50% 		655,878
401,348 M6 ETX Holdings II MidCo LLC(c)
6.17%, 04/01/2032
1-mo. SOFR + 2.50% 		402,653
327,627 McGraw-Hill Education Inc(c)
6.42%, 08/06/2031
1-mo. SOFR + 2.76% 		326,859
29,845 Modivcare Inc(c)
8.67%, 12/02/2030
3-mo. SOFR + 4.99% 		27,606
514,591 Motion Finco LLC(c)
7.17%, 11/12/2029
3-mo. SOFR + 3.49% 		447,694
950,822 NAB Holdings LLC(c)
6.18%, 11/24/2028
3-mo. SOFR + 2.50% 		866,140
730,000 Neptune Bidco US Inc(c)
8.67%, 01/28/2033
1-mo. SOFR + 5.01% 		693,761
170,000 Nourish Buyer I Inc(c)
7.68%, 07/09/2032
1-mo. SOFR + 4.01% 		170,106
372,699 Nouryon Finance BV(c)
6.90%, 04/03/2028
3-mo. SOFR + 3.22% 		364,779
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
978,981 Novelis Holdings Inc(c)
5.41%, 02/20/2032
3-mo. SOFR + 1.73% 		$      978,491
2,930,500 NRG Energy Inc(c)
5.43%, 04/16/2031
3-mo. SOFR + 1.75% 		    2,932,498
2,095,000 Oak-Eagle AcquireCo Inc(c)
7.18%, 03/24/2033
1-mo. SOFR + 3.51% 		    2,081,253
495,800 Omnia Partners LLC(c)
6.45%, 12/31/2032
3-mo. SOFR + 2.77% 		      494,809
164,588 OPENLANE Inc(c)
6.17%, 10/08/2032
3-mo. SOFR + 2.49% 		      164,279
1,094,627 OpenText Corp(c)
5.41%, 01/31/2030
1-mo. SOFR + 1.75% 		    1,069,827
593,513 PAC Designated Activity Co LLC(c)
6.92%, 10/28/2030
3-mo. SOFR + 3.24% 		      583,868
189,525 Parexel International Inc (c)
6.42%, 12/12/2031
1-mo. SOFR + 2.76% 		188,771
460,000 Pegasus Bidco B.V.(c)
6.43%, 07/12/2029
1-mo. SOFR + 2.76% 		458,658
425,000 Petco Health and Wellness Co Inc(c)
7.92%, 01/22/2031
3-mo. SOFR + 4.24% 		414,463
776,917 PetSmart LLC(c)
7.68%, 08/18/2032
1-mo. SOFR + 4.01% 		771,333
528,993 Potomac Energy Center LLC(c)
6.42%, 08/05/2032
1-mo. SOFR + 2.76% 		528,993
463,695 Project Ruby Ultimate Parent Corp(c)
6.42%, 03/10/2028
1-mo. SOFR + 2.75% 		460,990
617,472 Proofpoint Inc(c)
6.70%, 08/31/2028
3-mo. SOFR + 3.02% 		593,353
155,000 Pye Barker Fire & Safety LLC(c)
6.17%, 12/16/2032
3-mo. SOFR + 2.49% 		155,097
412,476 Radiology Partners Inc(c)
8.18%, 06/30/2032
3-mo. SOFR + 4.50% 		405,773
337,437 Rand Parent LLC(c)
6.69%, 03/18/2030
3-mo. SOFR + 3.00% 		336,232
369,034 RealPage Inc(c)
7.04%, 04/24/2028
3-mo. SOFR + 3.36% 		352,658
550,838 Red SPV LLC(c)
5.92%, 03/15/2032
1-mo. SOFR + 2.25% 		549,460
Principal Amount(a)   Fair Value
Bank Loans — (continued)
  Resideo Funding Inc(c)  
236,419 5.42%,02/11/2028
1-mo. SOFR + 1.76% 		$      235,532
213,040 5.42%,06/13/2031
6-mo. SOFR + 1.72% 		      211,841
340,000 Resilience Parent LLC(c)
6.17%, 02/28/2033
3-mo. SOFR + 2.49% 		      338,130
468,471 Rocket Software Inc(c)
7.42%, 11/28/2028
1-mo. SOFR + 3.76% 		      448,502
167,875 Ryan Specialty Group LLC(c)
6.17%, 09/15/2031
1-mo. SOFR + 2.51% 		      167,455
451,857 SBA Senior Finance II LLC(c)
5.43%, 01/25/2031
1-mo. SOFR + 1.76% 		      453,175
475,000 Sebia SA(c)
6.18%, 11/20/2032
1-mo. SOFR + 2.51% 		474,852
423,930 Sinclair Television Group Inc(c)
7.77%, 12/31/2030
1-mo. SOFR + 4.10% 		370,938
558,600 SKECHERS USA Inc(c)
6.92%, 09/13/2032
3-mo. SOFR + 3.24% 		560,136
160,000 Snacking Investments Bidco Pty Ltd(c)
6.65%, 10/29/2032
3-mo. SOFR + 2.97% 		159,857
1,090,000 Solstice Advanced Materials Inc(c)
5.42%, 10/29/2032
3-mo. SOFR + 1.74% 		1,094,428
642,570 Southern Veterinary Partners LLC(c)
6.16%, 12/04/2031
1-mo. SOFR + 2.49% 		636,144
305,979 Star Parent Inc(c)
7.68%, 09/27/2030
3-mo. SOFR + 3.99% 		301,889
195,000 Sweetwater Borrower LLC(c)
7.67%, 02/11/2033
1-mo. SOFR + 4.01% 		194,878
202,954 Terex Corp(c)
5.40%, 10/08/2031
1-mo. SOFR + 1.73% 		202,986
495,662 TK Elevator Midco GmbH(c)
6.67%, 04/30/2030
6-mo. SOFR + 2.97% 		496,436
260,000 TK Elevator US Newco Inc(c)
6.42%, 04/30/2030
1-mo. SOFR + 2.76% 		260,358
2,682,371 Trans Union LLC(c)
5.42%, 06/24/2031
1-mo. SOFR + 1.76% 		2,664,265
265,000 TransDigm Inc(c)
6.17%, 02/10/2033
1-mo. SOFR + 2.50% 		265,000
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Bank Loans — (continued)
509,179 Traverse Midstream Partners LLC(c)
6.15%, 02/16/2028
3-mo. SOFR + 2.47% 		$      508,543
395,000 Treehouse Foods Inc(c)
7.92%, 02/04/2033
3-mo. SOFR + 4.24% 		      393,223
303,095 Trio Bidco Inc(c)
7.67%, 10/29/2032
3-mo. SOFR + 3.99% 		      292,866
498,409 Trugreen LP(c)
7.67%, 11/02/2027
3-mo. SOFR + 3.99% 		      473,489
286,416 Truist Insurance Holdings LLC(c)
6.42%, 05/06/2031
3-mo. SOFR + 2.74% 		      281,619
340,000 Turquoise Topco Ltd(c)
6.92%, 12/30/2032
3-mo. SOFR + 3.24% 		      327,533
473,869 UKG Inc(c)
6.17%, 02/10/2031
3-mo. SOFR + 2.49% 		      451,898
233,215 United Rentals Inc(c)
5.17%, 02/14/2031
1-mo. SOFR + 1.51% 		233,973
644,264 Univision Communications Inc(c)
7.17%, 01/31/2029
1-mo. SOFR + 3.50% 		637,016
366,747 Upstream Newco Inc(c)
8.19%, 11/20/2029
3-mo. SOFR + 4.50% 		338,324
  USALCO LLC(c)  
0 7.20%,09/29/2031
1-mo. SOFR + 3.53% 		0
356,919 7.20%,09/30/2031
1-mo. SOFR + 3.53% 		355,431
690,000 Vantor Holdings Inc(c)
8.17%, 03/03/2033
6-mo. SOFR + 4.47% 		677,063
521,957 Viasat Inc(c)
8.17%, 03/02/2029
1-mo. SOFR + 4.51% 		522,805
134,728 Vista Management Holding Inc(c)
7.43%, 04/01/2031
3-mo. SOFR + 3.75% 		133,016
1,435,382 WEC US Holdings Ltd(c)
5.68%, 01/27/2031
1-mo. SOFR + 2.01% 		1,432,062
  White Cap Supply Holdings LLC(c)  
518,438 6.93%,10/19/2029
1-mo. SOFR + 3.26% 		497,117
485,000 7.17%,02/10/2033
1-mo. SOFR + 3.50% 		459,884
Principal Amount(a)   Fair Value
Bank Loans — (continued)
1,451,563 Wyndham Hotels & Resorts Inc(c)
5.42%, 05/24/2030
1-mo. SOFR + 1.76% 		$    1,454,414
TOTAL BANK LOANS — 6.62%
(Cost $96,212,284) 		$93,739,338
CORPORATE BONDS AND NOTES
Basic Materials — 1.79%
323,000 Anglo American Capital PLC(b)
5.25%, 03/19/2036
      315,823
590,000 ArcelorMittal SA
6.75%, 03/01/2041
      627,335
655,000 Arsenal AIC Parent LLC(b)
11.50%, 10/01/2031
      707,729
560,000 Ashland Inc(b)
3.38%, 09/01/2031
502,846
1,180,000 ASP Unifrax Holdings Inc(b)
5.25%, 09/30/2028
53,100
935,000 Bayport Polymers LLC(b)(g)
5.14%, 04/14/2032
925,359
1,400,000 Capstone Copper Corp(b)
6.75%, 03/31/2033
1,390,780
61,000 Carpenter Technology Corp(b)
5.63%, 03/01/2034
60,438
172,000 Chemours Co(b)
5.75%, 11/15/2028
170,301
740,000 Cleveland-Cliffs Inc(b)
7.63%, 01/15/2034
722,956
  Commercial Metals Co(b)  
434,000 5.75%, 11/15/2033 429,437
604,000 6.00%, 12/15/2035 595,451
  Corp Nacional del Cobre de Chile  
237,000 5.95%, 01/08/2034(b) 242,324
358,000 6.44%, 01/26/2036 377,270
33,000 Fortescue Treasury Pty Ltd(b)
4.38%, 04/01/2031
31,180
  Glencore Funding LLC(b)  
1,025,000 6.13%, 10/06/2028 1,060,790
1,495,000 4.88%, 03/12/2029 1,504,798
115,000 2.50%, 09/01/2030 104,574
1,225,000 6.38%, 10/06/2030 1,299,520
1,705,000 5.70%, 05/08/2033 1,757,289
3,795,000 6.50%, 10/06/2033 4,106,510
2,535,000 5.67%, 04/01/2035 2,589,742
280,000 Illuminate Buyer LLC / Illuminate Holdings IV Inc(b)
9.00%, 07/01/2028
280,226
  Mineral Resources Ltd(b)  
33,000 8.00%, 11/01/2027 33,421
97,000 9.25%, 10/01/2028 100,504
280,689 Samarco Mineracao SA(b)(h)
9.50%, 06/30/2031

PIK rate, 9.00% 		276,172
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Basic Materials — (continued)
1,240,000 Solstice Advanced Materials Inc(b)
5.63%, 09/30/2033
$    1,222,692
  Steel Dynamics Inc  
    215,000 5.38%, 08/15/2034       216,963
    665,000 5.25%, 05/15/2035       665,285
380,000 Taseko Mines Ltd(b)
8.25%, 05/01/2030
      396,173
1,350,000 Westlake Corp
5.55%, 11/15/2035
    1,345,588
1,380,000 WR Grace Holdings LLC(b)
5.63%, 08/15/2029
    1,269,213
    25,381,789
Communications — 4.80%
1,471,000 Alphabet Inc
4.80%, 02/15/2036
1,464,699
2,005,000 Altice Financing SA(b)
5.00%, 01/15/2028
1,407,815
82,000 Altice France Lux 3 / Altice Holdings 1(b)
10.00%, 01/15/2033
74,524
  Altice France SA(b)  
152,440 6.50%, 10/15/2031 144,568
625,001 6.50%, 04/15/2032 592,179
982,000 Amazon.com Inc
4.88%, 03/13/2036
973,050
  AppLovin Corp  
540,000 5.13%, 12/01/2029 543,133
410,000 5.38%, 12/01/2031 414,023
1,640,000 5.50%, 12/01/2034 1,626,422
  AT&T Inc  
1,560,000 5.38%, 08/15/2035 1,580,259
304,000 5.13%, 04/30/2036 300,353
4,456,000 Beignet Investor LLC(b)
6.58%, 05/30/2049
4,581,464
323,000 Black Pearl Compute LLC(b)
6.13%, 02/15/2031
328,748
  CCO Holdings LLC / CCO Holdings Capital Corp(b)  
63,000 5.00%, 02/01/2028 62,483
1,368,000 4.75%, 03/01/2030 1,298,060
234,000 4.50%, 08/15/2030 218,668
  Charter Communications Operating LLC / Charter Communications Operating Capital  
310,000 6.65%, 02/01/2034 323,372
620,000 6.55%, 06/01/2034 643,655
270,000 6.38%, 10/23/2035 274,181
340,000 3.95%, 06/30/2062 199,770
542,000 Cipher Compute LLC(b)
7.13%, 11/15/2030
561,528
1,035,000 CMG Media Corp(b)
8.88%, 06/18/2029
894,931
  CSC Holdings LLC(b)  
1,555,000 5.38%, 02/01/2028 1,150,002
620,000 7.50%, 04/01/2028 341,220
760,000 11.75%, 01/31/2029 549,590
1,400,000 4.13%, 12/01/2030 840,124
Principal Amount(a)   Fair Value
Communications — (continued)
  2,435,000 4.63%, 12/01/2030 $      859,232
    492,000 3.38%, 02/15/2031       289,024
    400,000 4.50%, 11/15/2031       237,163
1,795,000 DirecTV Financing LLC
8.88%, 02/01/2030(b) 		    1,788,878
  DirecTV Financing LLC / DirecTV Financing Co-Obligor Inc(b)  
    318,000 5.88%, 08/15/2027       317,665
    806,000 10.00%, 02/15/2031       822,788
  Discovery Communications LLC  
101,000 3.63%, 05/15/2030 93,902
290,000 6.35%, 06/01/2040 212,518
  DISH DBS Corp(b)  
2,330,000 5.25%, 12/01/2026 2,310,016
1,290,000 5.75%, 12/01/2028 1,247,678
670,000 DISH Network Corp(b)
11.75%, 11/15/2027
690,264
8,115,279 EchoStar Corp
10.75%, 11/30/2029
8,766,536
  Expedia Group Inc  
990,000 3.25%, 02/15/2030 935,490
1,450,000 2.95%, 03/15/2031 1,328,421
2,315,000 5.40%, 02/15/2035 2,296,633
706,000 Flash Compute LLC(b)
7.25%, 12/31/2030
710,795
505,000 Go Daddy Operating Co LLC / GD Finance Co Inc(b)
5.25%, 12/01/2027
502,942
890,000 Gray Media Inc(b)
9.63%, 07/15/2032
889,944
545,000 ION Platform Finance US Inc / ION Platform Finance SARL(b)
9.50%, 05/30/2029
513,040
  Meta Platforms Inc  
1,948,000 5.63%, 11/15/2055 1,826,036
1,190,000 5.75%, 11/15/2065 1,105,276
1,335,000 Millennium Escrow Corp(b)
6.63%, 08/01/2026
1,244,967
  Motorola Solutions Inc  
1,195,000 5.40%, 04/15/2034 1,209,332
467,000 5.55%, 08/15/2035 477,457
  Neptune Bidco US Inc(b)  
1,140,000 9.29%, 04/15/2029 1,143,167
85,000 10.38%, 05/15/2031 85,766
300,000 Netflix Inc
EUR, 3.63%, 05/15/2027
349,189
415,000 Nokia
6.63%, 05/15/2039
434,566
  Paramount Global  
603,000 7.88%, 07/30/2030 629,487
676,000 4.95%, 01/15/2031 626,188
355,000 4.20%, 05/19/2032 304,332
935,000 Sinclair Television Group Inc(b)
8.13%, 02/15/2033
950,488
  Snap Inc(b)  
720,000 6.88%, 03/01/2033 679,875
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Communications — (continued)
    375,000 6.88%, 03/15/2034 $      352,713
  Sprint Capital Corp  
     70,000 6.88%, 11/15/2028        74,012
  1,355,000 8.75%, 03/15/2032     1,611,190
100,000 SV RNO Property Owner 1 LLC(b)
5.88%, 03/01/2031
       98,849
349,000 Telesat Canada / Telesat LLC(b)
6.50%, 10/15/2027
      162,055
190,000 Time Warner Cable LLC
6.55%, 05/01/2037
      191,557
  T-Mobile USA Inc  
195,000 2.70%, 03/15/2032 173,463
2,395,000 5.75%, 01/15/2034 2,497,523
595,000 4.70%, 01/15/2035 575,477
350,000 Turkcell Iletisim Hizmetleri AS(b)
7.65%, 01/24/2032
356,438
  Uber Technologies Inc  
1,560,000 4.80%, 09/15/2034 1,527,253
80,000 4.80%, 09/15/2035 77,628
1,200,000 Univision Communications Inc(b)
8.00%, 08/15/2028
1,217,990
  Wayfair LLC(b)  
10,000 7.25%, 10/31/2029 10,208
300,000 6.75%, 11/15/2032 302,278
1,457,000 WULF Compute LLC(b)
7.75%, 10/15/2030
1,539,583
    68,036,093
Consumer, Cyclical — 3.83%
  1011778 BC Unlimited Liability Co / New Red Finance Inc(b)  
135,000 3.88%, 01/15/2028 131,960
210,000 4.38%, 01/15/2028 207,058
65,000 3.50%, 02/15/2029 62,054
269,000 5.63%, 09/15/2029 269,586
1,765,000 4.00%, 10/15/2030 1,658,967
994,944 Alaska Airlines Pass Through Trust(b)
4.80%, 08/15/2027
991,970
445,000 Allison Transmission Inc(b)
3.75%, 01/30/2031
414,220
265,000 American Builders & Contractors Supply Co Inc(b)
4.00%, 01/15/2028
260,027
120,000 Aptiv Swiss Holdings Ltd
6.88%, 12/15/2054
121,118
1,350,000 Ashton Woods USA LLC / Ashton Woods Finance Co(b)
4.63%, 04/01/2030
1,252,975
  British Airways Pass Through Trust(b)  
  Series 2019-1 Class A  
114,615 3.35%, 06/15/2029 110,075
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
  Series 2021-1 Class A  
    567,038 2.90%, 03/15/2035 $      520,068
  Carnival Corp(b)  
      5,000 4.00%, 08/01/2028         4,882
  1,335,000 5.75%, 03/15/2030     1,345,589
  1,735,000 5.75%, 08/01/2032     1,734,436
  1,540,000 6.13%, 02/15/2033     1,555,439
210,000 Choice Hotels International Inc
5.85%, 08/01/2034
211,790
  Clarios Global LP / Clarios US Finance Co(b)  
35,000 6.75%, 02/15/2030 35,788
215,000 6.75%, 09/15/2032 216,720
603,115 Delta Air Lines Pass Through Trust
Series 2015-1 Class AA
3.63%, 07/30/2027
595,760
1,815,000 Dick's Sporting Goods Inc
4.10%, 01/15/2052
1,285,545
1,070,000 Dillard's Inc
7.75%, 07/15/2026
1,074,241
  DR Horton Inc  
675,000 5.00%, 10/15/2034 666,098
400,000 5.50%, 10/15/2035 405,890
952,000 Ferrellgas LP / Ferrellgas Finance Corp(b)
5.88%, 04/01/2029
910,110
1,595,000 Flutter Treasury Designated Activity Co(b)
5.88%, 06/04/2031
1,580,151
510,000 Ford Motor Credit Co LLC
6.50%, 02/07/2035
514,580
755,000 Forvia SE(b)
6.75%, 09/15/2033
737,174
  Global Auto Holdings Ltd / AAG FH UK Ltd(b)  
285,000 8.38%, 01/15/2029 260,356
1,375,000 11.50%, 08/15/2029 1,368,005
  Hilton Domestic Operating Co Inc(b)  
515,000 4.00%, 05/01/2031 482,892
166,000 3.63%, 02/15/2032 150,839
23,000 6.13%, 04/01/2032 23,345
449,000 5.50%, 03/31/2034 438,663
  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc(b)  
105,000 4.88%, 07/01/2031 94,747
311,000 6.63%, 01/15/2032 307,178
15,000 Installed Building Products Inc(b)
5.63%, 02/01/2034
14,637
575,000 Kingpin Intermediate Holdings LLC(b)(g)
7.25%, 10/15/2032
508,056
1,415,000 LBM Acquisition LLC(b)
6.25%, 01/15/2029
1,034,035
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
15,000 Light & Wonder International Inc(b)
7.25%, 11/15/2029
$       15,291
  Marriott International Inc  
    520,000 5.30%, 05/15/2034       524,836
  1,300,000 5.50%, 04/15/2037     1,294,310
    270,000 5.10%, 05/01/2038       256,686
  Marriott Ownership Resorts Inc  
     32,000 4.75%, 01/15/2028        31,497
145,000 4.50%, 06/15/2029(b) 137,480
484,000 Melco Resorts Finance Ltd(b)
5.38%, 12/04/2029
464,847
  Meritage Homes Corp  
771,000 3.88%, 04/15/2029(b) 750,329
1,920,000 5.65%, 03/15/2035 1,917,906
10,000 Murphy Oil USA Inc(b)
3.75%, 02/15/2031
9,292
505,000 NCL Corp Ltd(b)
6.75%, 02/01/2032
501,168
140,000 NCL Finance Ltd(b)
6.13%, 03/15/2028
141,203
  Newell Brands Inc  
894,000 6.63%, 09/15/2029 872,619
860,000 6.38%, 05/15/2030(g) 825,527
895,000 Ontario Gaming GTA LP / OTG Co-Issuer Inc(b)
8.00%, 08/01/2030
857,777
130,000 Park River Holdings Inc(b)
8.00%, 03/15/2031
129,400
  Risewell Homes Inc(b)  
745,000 9.25%, 10/01/2029 752,560
90,000 8.50%, 11/01/2030 88,004
160,000 Rivers Enterprise Borrower LLC(b)
6.25%, 10/15/2030
159,596
  Royal Caribbean Cruises Ltd  
1,580,000 5.50%, 04/01/2028(b) 1,597,861
1,290,000 5.63%, 09/30/2031(b) 1,302,716
410,000 6.25%, 03/15/2032(b) 419,177
1,555,000 6.00%, 02/01/2033(b) 1,570,536
1,224,000 4.75%, 05/15/2033 1,181,846
958,000 5.38%, 01/15/2036 941,185
916,000 5.25%, 02/27/2038 871,405
237,500 Saks Global Enterprises LLC(b)(i)
11.00%, 12/15/2029
297
1,090,000 Stellantis Finance US Inc(b)
6.45%, 03/18/2035
1,073,719
845,000 Suburban Propane Partners LP / Suburban Energy Finance Corp(b)
6.50%, 12/15/2035
821,471
  Taylor Morrison Communities Inc(b)  
31,000 5.13%, 08/01/2030 30,645
1,028,000 5.75%, 11/15/2032 1,028,899
  Travel + Leisure Co  
24,000 6.00%, 04/01/2027 24,117
655,000 4.50%, 12/01/2029(b) 626,336
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
    340,000 4.63%, 03/01/2030(b) $      324,390
    245,000 4.63%, 03/01/2030       233,752
485,000 Under Armour Inc(b)
7.25%, 07/15/2030
      489,947
  United Airlines Holdings Inc  
    200,000 4.88%, 03/01/2029       195,616
     55,000 5.38%, 03/01/2031        53,862
  United Airlines Pass Through Trust  
  Series 2023-1 Class A  
1,365,942 5.80%, 01/15/2036 1,405,936
  Series 2024-1 Class AA  
338,308 5.45%, 02/15/2037 344,719
31,000 Viking Cruises Ltd(b)
5.88%, 10/15/2033
30,607
1,325,000 VistaJet Malta Finance PLC / Vista Management Holding Inc(b)
9.50%, 06/01/2028
1,294,455
1,529,000 Warnermedia Holdings Inc
4.28%, 03/15/2032
1,353,165
255,000 White Cap Supply Holdings LLC(b)
7.38%, 11/15/2030
247,348
430,000 Windsor Holdings III LLC(b)
8.50%, 06/15/2030
445,425
  Yum! Brands Inc  
1,385,000 3.63%, 03/15/2031 1,279,426
279,000 4.63%, 01/31/2032 266,425
  ZF North America Capital Inc(b)  
490,000 6.88%, 04/14/2028 497,009
190,000 7.13%, 04/14/2030 187,333
345,000 6.75%, 04/23/2030 333,747
525,000 6.88%, 04/23/2032 498,804
    54,259,528
Consumer, Non-Cyclical — 4.92%
1,675,000 180 Medical Inc(b)
5.30%, 10/08/2035
1,642,009
965,000 Acadia Healthcare Co Inc(b)
5.50%, 07/01/2028
957,793
500,000 Adani Ports & Special Economic Zone Ltd(b)
4.38%, 07/03/2029
479,247
  Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC(b)  
1,245,000 4.88%, 02/15/2030 1,218,651
105,000 5.75%, 03/31/2034 102,726
1,010,000 Albion Financing 1 SARL / Aggreko Holdings Inc(b)
7.00%, 05/21/2030
1,032,257
40,000 Amneal Pharmaceuticals LLC(b)
6.88%, 08/01/2032
41,178
  Ashtead Capital Inc(b)  
905,000 5.50%, 08/11/2032 917,679
220,000 5.55%, 05/30/2033 222,146
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
  1,680,000 5.95%, 10/15/2033 $    1,728,840
    685,000 5.80%, 04/15/2034       698,351
  Avantor Funding Inc(b)  
    325,000 4.63%, 07/15/2028       317,204
     33,000 3.88%, 11/01/2029        30,960
650,000 Bacardi Ltd / Bacardi-Martini BV(b)
5.40%, 06/15/2033
      643,555
10,000 Bausch + Lomb Corp(b)
8.38%, 10/01/2028
       10,325
1,040,000 Bausch Health Cos Inc(b)
4.88%, 06/01/2028
952,338
2,430,000 Baxter International Inc
3.13%, 12/01/2051
1,391,084
40,000 BioMarin Pharmaceutical Inc(b)
5.50%, 02/15/2034
39,382
  Block Inc  
525,000 3.50%, 06/01/2031 477,406
511,000 6.50%, 05/15/2032 515,666
200,000 6.00%, 08/15/2033(b) 196,697
315,000 Charles River Laboratories International Inc(b)
4.25%, 05/01/2028
307,904
438 Chobani Holdco II LLC(b)(h)
8.75%, 10/01/2029

PIK rate, 9.50% 		466
  CHS / Community Health Systems Inc(b)  
800,000 5.25%, 05/15/2030 753,986
886,000 4.75%, 02/15/2031 816,824
1,265,000 Cimpress PLC(b)(g)
7.38%, 09/15/2032
1,253,952
5,000 CompoSecure Holdings LLC(b)
5.63%, 02/01/2033
4,885
620,000 Coty Inc / HFC Prestige Products Inc / HFC Prestige International US LLC(b)
6.63%, 07/15/2030
614,857
768,000 CVS Health Corp
6.75%, 12/10/2054
777,633
1,810,000 DENTSPLY SIRONA Inc(g)
3.25%, 06/01/2030
1,667,013
2,430,000 Elevance Health Inc
5.20%, 02/15/2035
2,426,010
635,000 Endo Finance Holdings Inc(b)
8.50%, 04/15/2031
664,892
595,000 ERAC USA Finance LLC(b)
4.90%, 05/01/2033
596,313
840,000 Froneri Lux FinCo SARL(b)
6.00%, 08/01/2032
818,906
675,000 Garda World Security Corp(b)
8.38%, 11/15/2032
675,458
  Genmab A/S / Genmab Finance LLC(b)  
40,000 6.25%, 12/15/2032 41,009
65,000 7.25%, 12/15/2033 68,037
500,000 Global Medical Response Inc(b)
7.38%, 10/01/2032
519,220
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
1,350,000 Global Payments Inc
5.55%, 11/15/2035
$    1,300,912
1,070,000 Grifols SA(b)
4.75%, 10/15/2028
    1,048,033
  HCA Inc  
  2,715,000 5.50%, 06/01/2033     2,769,144
  1,200,000 5.60%, 04/01/2034     1,225,491
    580,000 5.45%, 09/15/2034       585,428
     85,000 4.90%, 11/15/2035        82,179
665,000 5.13%, 06/15/2039 626,711
  Herc Holdings Inc(b)  
260,000 7.25%, 06/15/2033(g) 266,433
450,000 6.00%, 03/15/2034 435,037
330,000 Hologic Inc(b)
3.25%, 02/15/2029
329,427
945,000 Icon Investments Six Designated Activity Co
6.00%, 05/08/2034
957,285
1,300,000 Imperial Brands Finance PLC(b)
5.63%, 07/01/2035
1,310,983
  JBS NV / JBS USA Foods Group Holdings Inc / JBS USA Food Co Holdings  
260,000 3.00%, 02/02/2029 249,395
825,000 3.75%, 12/01/2031 770,443
415,000 6.75%, 03/15/2034 456,437
630,000 5.95%, 04/20/2035 653,980
445,000 5.50%, 01/15/2036 445,205
918,000 5.63%, 03/10/2037(b) 916,531
  Lamb Weston Holdings Inc(b)  
16,000 4.13%, 01/31/2030 15,233
16,000 4.38%, 01/31/2032 14,863
  LifePoint Health Inc(b)  
1,165,000 9.88%, 08/15/2030 1,232,001
365,000 10.00%, 06/01/2032 372,749
610,000 Medline Borrower LP / Medline Co-Issuer Inc(b)
6.25%, 04/01/2029
621,580
  Molina Healthcare Inc(b)  
435,000 4.38%, 06/15/2028 420,629
17,000 3.88%, 11/15/2030 15,198
1,082,000 6.50%, 02/15/2031 1,063,720
803,000 3.88%, 05/15/2032 697,503
306,000 6.25%, 01/15/2033 296,695
327,000 Movida Europe SA(b)(g)
7.85%, 04/11/2029
318,619
90,000 Opal Bidco SAS(b)
6.50%, 03/31/2032
90,087
  Organon & Co / Organon Foreign Debt Co-Issuer BV(b)  
860,000 4.13%, 04/30/2028 834,504
160,000 5.13%, 04/30/2031 130,398
150,000 7.88%, 05/15/2034 123,495
16,000 Performance Food Group Inc(b)
4.25%, 08/01/2029
15,369
  Pilgrim's Pride Corp  
1,710,000 4.25%, 04/15/2031 1,633,419
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
    846,000 3.50%, 03/01/2032 $      767,952
  1,230,000 6.25%, 07/01/2033     1,288,031
    108,000 6.88%, 05/15/2034       116,593
  Post Holdings Inc(b)  
     25,000 4.63%, 04/15/2030        24,000
    355,000 4.50%, 09/15/2031       330,083
    875,000 6.25%, 02/15/2032       884,047
565,000 6.38%, 03/01/2033 556,606
865,000 Prime Healthcare Services Inc(b)
9.38%, 09/01/2029
897,005
405,000 Primo Water Holdings Inc / Triton Water Holdings Inc(b)
6.25%, 04/01/2029
405,657
720,000 Quest Diagnostics Inc
6.40%, 11/30/2033
783,709
22,000 Radiology Partners Inc(b)
8.50%, 07/15/2032
22,305
985,000 Smith & Nephew PLC
5.40%, 03/20/2034
999,087
545,000 Smithfield Foods Inc(b)
3.00%, 10/15/2030
498,198
570,000 Surgery Center Holdings Inc(b)
7.25%, 04/15/2032
559,839
695,000 Synergy Infrastructure Holdings LLC(b)
7.88%, 12/01/2030
708,429
150,000 Tenet Healthcare Corp(b)
6.00%, 11/15/2033
151,777
155,000 Teva Pharmaceutical Finance Co LLC
6.15%, 02/01/2036
159,699
  Teva Pharmaceutical Finance Netherlands II BV  
465,000 EUR, 7.38%, 09/15/2029 584,518
395,000 EUR, 7.88%, 09/15/2031 529,890
  Teva Pharmaceutical Finance Netherlands III BV  
424,000 3.15%, 10/01/2026 419,785
385,000 5.13%, 05/09/2029(g) 383,758
605,000 7.88%, 09/15/2029 647,858
890,000 8.13%, 09/15/2031 994,949
335,000 6.00%, 12/01/2032 343,824
4,771,000 4.10%, 10/01/2046 3,536,652
715,000 Teva Pharmaceutical Finance Netherlands IV BV
5.75%, 12/01/2030
724,074
  TriNet Group Inc(b)  
232,000 3.50%, 03/01/2029 210,304
15,000 7.13%, 08/15/2031 14,556
  United Rentals North America Inc  
25,000 3.88%, 02/15/2031 23,502
245,000 3.75%, 01/15/2032 224,538
1,533,000 5.38%, 11/15/2033(b) 1,490,658
1,120,000 6.13%, 03/15/2034(b) 1,134,097
Principal Amount(a)   Fair Value
Consumer, Non-Cyclical — (continued)
  Universal Health Services Inc  
  1,182,000 2.65%, 01/15/2032 $    1,029,739
    265,000 5.05%, 10/15/2034       253,008
    69,646,702
Energy — 6.13%
1,455,000 Aker BP ASA(b)
5.13%, 10/01/2034
    1,423,911
910,000 Alliance Resource Operating Partners LP / Alliance Resource Finance Corp(b)
8.63%, 06/15/2029
      945,271
486,476 Alta Wind Holdings LLC(b)
7.00%, 06/30/2035
461,482
  Antero Midstream Partners LP / Antero Midstream Finance Corp(b)  
265,000 6.63%, 02/01/2032 270,840
80,000 5.75%, 07/01/2034 78,835
1,425,000 APA Corp
6.75%, 02/15/2055
1,427,926
635,000 Ascent Resources Utica Holdings LLC / ARU Finance Corp(b)
6.63%, 07/15/2033
645,904
300,000 Azule Energy Finance PLC(b)
8.13%, 01/23/2030
303,008
1,235,000 BP Capital Markets PLC(j)
4.88%, Perpetual
1,219,209
280,000 Bristow Group Inc(b)
6.75%, 02/01/2033
283,008
360,000 Buckeye Partners LP(b)
6.75%, 02/01/2030
371,524
2,730,000 Canadian Natural Resources Ltd
5.40%, 12/15/2034
2,761,649
925,000 Caturus Energy LLC(b)
8.50%, 02/15/2030
959,794
340,000 Cenovus Energy Inc
5.40%, 03/20/2036
338,245
  Cheniere Energy Partners LP  
110,000 4.50%, 10/01/2029 109,519
1,980,000 4.00%, 03/01/2031 1,900,650
285,000 3.25%, 01/31/2032 259,752
530,000 5.95%, 06/30/2033 555,605
  Chord Energy Corp(b)  
923,000 6.00%, 10/01/2030 935,248
91,000 6.75%, 03/15/2033 93,952
715,000 Columbia Pipelines Operating Co LLC(b)
6.04%, 11/15/2033
753,371
240,000 Constellation Oil Services Holding SA(b)
9.38%, 11/07/2029
249,576
  Continental Resources Inc  
100,000 4.38%, 01/15/2028 99,322
5,215,000 5.75%, 01/15/2031(b) 5,314,921
2,375,000 2.88%, 04/01/2032(b) 2,080,247
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
680,000 Coronado Finance Pty Ltd(b)
9.25%, 10/01/2029
$      613,463
16,000 Crescent Energy Finance LLC(b)
7.38%, 01/15/2033
       15,996
405,000 DBR Land Holdings LLC(b)
6.25%, 12/01/2030
      410,058
840,000 DCP Midstream Operating LP(b)
6.45%, 11/03/2036
      889,451
  Ecopetrol SA  
    161,000 4.63%, 11/02/2031       143,086
    190,000 8.88%, 01/13/2033       199,980
900,000 Enbridge Inc(g)
8.50%, 01/15/2084
1,012,569
  Energean Israel Finance Ltd(b)  
650,000 5.38%, 03/30/2028 624,042
470,000 5.88%, 03/30/2031 436,585
  Energy Transfer LP  
1,233,000 6.50%, Perpetual(j) 1,230,526
540,000 5.75%, 02/15/2033 561,601
2,450,000 6.55%, 12/01/2033 2,645,171
170,000 5.55%, 05/15/2034 173,105
750,000 5.60%, 09/01/2034 764,374
505,000 5.70%, 04/01/2035(g) 518,650
30,000 8.00%, 05/15/2054 31,422
1,385,000 Flex Intermediate Holdco LLC(b)
3.36%, 06/30/2031
1,261,088
362,000 FS Luxembourg SARL(b)
8.63%, 06/25/2033
358,380
  Genesis Energy LP / Genesis Energy Finance Corp  
1,195,000 8.88%, 04/15/2030 1,247,826
160,000 6.75%, 03/15/2034 159,244
346,000 Geopark Ltd(b)
8.75%, 01/31/2030
340,412
630,000 Gulfport Energy Operating Corp(b)
6.75%, 09/01/2029
644,314
1,160,000 Harbour Energy PLC(b)
6.33%, 04/01/2035
1,188,752
740,000 Helix Energy Solutions Group Inc(b)
9.75%, 03/01/2029
777,855
1,548,000 Helmerich & Payne Inc(g)
5.50%, 12/01/2034
1,521,779
395,000 Hess Midstream Operations LP(b)
4.25%, 02/15/2030
379,570
1,365,000 HF Sinclair Corp
6.25%, 01/15/2035
1,409,399
  Hilcorp Energy I LP / Hilcorp Finance Co(b)  
405,000 6.00%, 04/15/2030 394,212
578,000 6.00%, 02/01/2031 561,777
  Kodiak Gas Services LLC(b)  
440,000 5.88%, 04/01/2031 442,179
395,000 6.75%, 10/01/2035 401,285
Principal Amount(a)   Fair Value
Energy — (continued)
30,000 Leviathan Bond Ltd(b)
6.50%, 06/30/2027
$       29,944
1,155,000 Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp(b)
6.88%, 12/01/2032
    1,188,665
73,000 Matador Resources Co(b)
6.50%, 04/15/2032
       73,795
  NGL Energy Operating LLC / NGL Energy Finance Corp(b)  
    155,000 8.13%, 02/15/2029       159,673
    910,000 8.38%, 02/15/2032       937,795
  Occidental Petroleum Corp  
990,000 6.20%, 03/15/2040 1,011,121
580,000 6.05%, 10/01/2054 563,991
16,000 Oceaneering International Inc
6.00%, 02/01/2028
16,065
205,000 ONEOK Inc(b)
6.50%, 09/01/2030
216,997
  Pertamina Persero PT(b)  
410,000 2.30%, 02/09/2031(g) 360,060
318,000 6.45%, 05/30/2044 320,294
  Petroleos de Venezuela SA(i)  
3,942,000 9.00%, 11/17/2021 1,507,815
780,000 12.75%, 02/17/2022 353,340
500,000 Petroleos del Peru SA
4.75%, 06/19/2032
396,250
  Petroleos Mexicanos  
890,000 6.84%, 01/23/2030 891,965
302,000 5.95%, 01/28/2031 288,734
421,000 6.70%, 02/16/2032 412,024
895,000 6.35%, 02/12/2048 684,857
794,000 6.95%, 01/28/2060 625,593
892,000 Petronas Capital Ltd(b)
5.85%, 04/03/2055
911,991
  Plains All American Pipeline LP / PAA Finance Corp  
495,000 3.55%, 12/15/2029 479,007
780,000 3.80%, 09/15/2030 751,585
590,000 Prairie Acquiror LP(b)
9.00%, 08/01/2029
609,462
500,000 Sanchez Energy Corp(i)(k)
0.00%, 02/19/2027
50
839,000 Sempra Infrastructure Partners LP(b)
3.25%, 01/15/2032
741,380
  SM Energy Co(b)  
390,000 8.38%, 07/01/2028 400,734
596,000 6.75%, 08/01/2029 605,028
193,000 8.63%, 11/01/2030 203,632
22,000 8.75%, 07/01/2031 22,996
11,000 7.00%, 08/01/2032 11,232
160,000 6.63%, 04/15/2034 159,548
1,250,000 South Bow Canadian Infrastructure Holdings Ltd
7.50%, 03/01/2055
1,301,480
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Energy — (continued)
445,000 South Bow USA Infrastructure Holdings LLC
5.58%, 10/01/2034
$      441,956
  Sunoco LP(b)  
    638,000 5.63%, 03/15/2031       635,074
    110,000 5.38%, 07/15/2031       109,116
    290,000 5.88%, 03/15/2034       286,797
     95,000 5.63%, 07/15/2034        93,547
  Targa Resources Corp  
725,000 6.13%, 03/15/2033 766,746
1,610,000 6.50%, 03/30/2034 1,740,358
70,000 5.50%, 02/15/2035 70,623
935,000 5.55%, 08/15/2035 942,993
440,000 Targa Resources Partners LP / Targa Resources Partners Finance Corp
4.00%, 01/15/2032
416,990
533,000 Teine Energy Ltd(b)
6.88%, 04/15/2029
532,796
570,000 Tidewater Inc(b)
9.13%, 07/15/2030
607,239
  Transocean International Ltd(b)  
155,000 8.25%, 05/15/2029 160,154
399,000 8.75%, 02/15/2030 415,037
660,000 8.50%, 05/15/2031 692,207
240,000 7.88%, 10/15/2032 256,440
483,000 Uzbekneftegaz JSC(b)
8.75%, 05/07/2030
509,528
844,000 Venture Global Calcasieu Pass LLC(b)
4.13%, 08/15/2031
782,899
  Venture Global LNG Inc(b)  
372,000 9.00%, Perpetual(j) 370,529
885,000 9.88%, 02/01/2032(g) 950,479
  Venture Global Plaquemines LNG LLC(b)  
816,000 6.13%, 12/15/2030 839,196
1,448,000 7.50%, 05/01/2033 1,591,647
1,271,000 6.50%, 01/15/2034 1,324,947
415,000 6.50%, 06/15/2034 431,995
920,000 7.75%, 05/01/2035 1,031,116
35,000 6.75%, 01/15/2036 37,070
2,154,000 Viper Energy Partners LLC
5.70%, 08/01/2035
2,170,823
23,000 Weatherford International Ltd(b)
6.75%, 10/15/2033
23,501
  Western Midstream Operating LP  
480,000 6.35%, 01/15/2029 499,839
120,000 4.05%, 02/01/2030 116,529
1,580,000 6.15%, 04/01/2033 1,649,014
267,000 5.50%, 12/15/2035 262,577
55,000 5.45%, 04/01/2044 48,927
280,000 5.30%, 03/01/2048 236,667
35,000 5.50%, 08/15/2048 30,243
1,200,000 5.25%, 02/01/2050 1,012,102
Principal Amount(a)   Fair Value
Energy — (continued)
  Whistler Pipeline LLC(b)  
    250,000 5.70%, 09/30/2031 $      256,795
    280,000 5.95%, 09/30/2034       286,889
2,445,000 Williams Cos Inc
5.15%, 03/15/2034
    2,448,138
264,000 YPF SA(b)
9.50%, 01/17/2031
      277,807
    86,795,353
Financial — 10.71%
  Acrisure LLC / Acrisure Finance Inc(b)  
365,000 8.25%, 02/01/2029 360,836
1,130,000 6.00%, 08/01/2029 1,061,076
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
150,000 5.75%, 06/06/2028 153,684
485,000 6.15%, 09/30/2030 509,680
480,000 5.38%, 12/15/2031 487,558
1,435,000 3.30%, 01/30/2032 1,303,304
2,425,000 3.40%, 10/29/2033 2,145,519
1,300,000 4.95%, 09/10/2034 1,263,499
481,000 6.95%, 03/10/2055 492,292
580,000 6.50%, 01/31/2056 580,597
100,000 AGFC Capital Trust I(b)(c)
5.68%, 01/15/2067
3-mo. SOFR + 2.01% 		62,102
640,000 Air Lease Corp(j)
4.65%, Perpetual
635,934
  Aircastle Ltd  
1,210,000 4.25%, 06/15/2026 1,208,493
195,000 5.95%, 02/15/2029(b) 200,330
  Aircastle Ltd / Aircastle Ireland Designated Activity Co(b)  
260,000 5.25%, 03/15/2030 262,139
450,000 5.75%, 10/01/2031 460,763
  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer(b)  
227,000 6.75%, 04/15/2028 228,237
254,000 7.00%, 01/15/2031 256,162
545,000 6.50%, 10/01/2031 535,161
  Allianz SE(b)  
800,000 6.35%, 09/06/2053 832,894
375,000 5.60%, 09/03/2054 371,955
1,555,000 Ally Financial Inc
8.00%, 11/01/2031
1,724,226
  American Express Co  
1,180,000 5.63%, 07/28/2034 1,205,903
410,000 5.41%, 02/08/2041 406,829
238,000 American National Group Inc
7.00%, 12/01/2055
225,701
2,675,000 American Tower Corp REIT
5.90%, 11/15/2033
2,801,644
23,000 AmWINS Group Inc(b)
6.38%, 02/15/2029
23,133
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
  Antares Holdings LP(b)  
    250,000 2.75%, 01/15/2027(g) $      244,775
    250,000 3.75%, 07/15/2027       242,961
31,000 APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor 2 LLC(b)
7.88%, 11/01/2029
       28,032
  Apollo Debt Solutions BDC  
    485,000 6.90%, 04/13/2029       496,248
    590,000 5.88%, 08/30/2030       580,718
1,515,000 Apollo Global Management Inc
6.00%, 12/15/2054
1,420,463
200,000 Ardonagh FinCo Ltd(b)
7.75%, 02/15/2031
202,343
25,000 Ardonagh Group Finance Ltd(b)
8.88%, 02/15/2032
24,494
  Arthur J Gallagher & Co  
115,000 5.00%, 02/15/2032 115,274
245,000 5.45%, 07/15/2034 248,866
550,000 5.15%, 02/15/2035 545,544
845,000 Ascot Group Ltd(b)
4.25%, 12/15/2030
785,964
  Athene Global Funding(b)  
1,150,000 2.55%, 11/19/2030 1,019,075
253,000 2.65%, 10/04/2031 219,367
139,000 Athene Holding Ltd
3.50%, 01/15/2031
128,926
1,415,000 Atlas Warehouse Lending Co LP(b)
5.25%, 01/15/2033
1,370,387
  Aviation Capital Group LLC(b)  
95,000 6.25%, 04/15/2028 97,649
1,145,000 6.75%, 10/25/2028 1,198,073
61,000 4.25%, 04/30/2029 60,111
45,000 5.38%, 07/15/2029 45,705
460,000 5.13%, 04/10/2030 462,396
475,000 6.38%, 07/15/2030 499,957
1,435,000 4.80%, 10/24/2030 1,418,427
681,000 4.88%, 01/28/2033 657,171
  Avolon Holdings Funding Ltd(b)  
400,000 5.38%, 05/30/2030 404,361
557,000 4.70%, 01/30/2031 545,802
538,000 4.85%, 04/01/2033 515,385
  Azorra Finance Ltd(b)  
15,000 7.75%, 04/15/2030 15,450
650,000 7.25%, 01/15/2031 656,299
270,000 6.25%, 02/15/2034 250,585
38,000 Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance(b)
7.13%, 05/15/2031
38,193
502,000 Banco de Credito del Peru SA(b)
6.45%, 07/30/2035
506,131
Principal Amount(a)   Fair Value
Financial — (continued)
376,000 Banco de Credito e Inversiones SA(b)(g)(j)
7.50%, Perpetual
$      393,522
  Banco Mercantil del Norte SA(b)(j)  
    240,000 5.88%, Perpetual       236,973
    160,000 8.38%, Perpetual       164,400
2,220,000 Bank of America Corp
5.52%, 10/25/2035
    2,219,949
1,235,000 Barclays PLC
7.44%, 11/02/2033
    1,380,693
303,000 BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico(b)
8.13%, 01/08/2039
      319,110
665,000 BGC Group Inc
6.15%, 04/02/2030
676,367
  Blackstone Private Credit Fund  
350,000 5.95%, 07/16/2029 344,828
880,000 6.00%, 01/29/2032 853,405
665,000 Blue Owl Credit Income Corp
6.65%, 03/15/2031
655,909
  Blue Owl Finance LLC  
1,015,000 3.13%, 06/10/2031 875,215
1,692,000 6.25%, 04/18/2034 1,626,658
900,000 BPCE SA(b)
7.00%, 10/19/2034
983,594
940,000 Broadstreet Partners Group LLC(b)
5.88%, 04/15/2029
916,088
260,000 Brookfield Asset Management Ltd
5.80%, 04/24/2035
264,919
235,000 Brown & Brown Inc
5.55%, 06/23/2035
234,688
395,000 CaixaBank SA(b)
5.58%, 07/03/2036
397,247
425,000 Capital Farm Credit ACA(b)(j)
8.39%, Perpetual
420,750
  Capital One Financial Corp  
430,000 2.36%, 07/29/2032 370,699
905,000 6.38%, 06/08/2034 953,745
635,000 5.20%, 09/11/2036 615,588
  Central China Real Estate Ltd(i)  
190,000 7.25%, 04/28/2025 1,900
205,000 7.50%, 07/14/2025 2,050
700,000 Charles Schwab Corp(j)
4.00%, Perpetual
695,238
  Citadel Finance LLC(b)  
950,000 4.75%, 02/14/2029 930,796
120,000 5.15%, 02/14/2031 117,176
  Citadel LP(b)  
270,000 6.00%, 01/23/2030 277,951
200,000 6.38%, 01/23/2032 207,288
  Citigroup Inc  
920,000 6.27%, 11/17/2033 983,285
299,000 6.17%, 05/25/2034 309,500
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
110,000 COPT Defense Properties LP REIT
2.75%, 04/15/2031
$       99,597
1,655,000 Corebridge Financial Inc
6.38%, 09/15/2054
    1,626,588
1,942,000 CoStar Group Inc(b)
2.80%, 07/15/2030
    1,756,130
134,565 Country Garden Holdings Co Ltd(h)
5.00%, 12/31/2032

PIK rate, 5.00% 		       18,329
1,040,000 Deutsche Bank AG(g)
5.40%, 09/11/2035
    1,034,703
1,090,000 Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Finco(b)
5.95%, 09/17/2030
    1,023,515
185,000 EPR Properties REIT
3.60%, 11/15/2031
      167,911
1,130,000 F&G Annuities & Life Inc
6.50%, 06/04/2029
1,134,722
905,000 Fifth Third Bancorp
4.34%, 04/25/2033
872,126
920,000 Focus Financial Partners LLC(b)
6.75%, 09/15/2031
913,695
  Freedom Mortgage Holdings LLC(b)  
29,000 9.25%, 02/01/2029 29,394
157,000 9.13%, 05/15/2031 159,591
88,000 8.38%, 04/01/2032 86,565
540,000 7.88%, 04/01/2033 506,289
31,000 GGAM Finance Ltd(b)
5.88%, 03/15/2030
30,887
  Global Atlantic Fin Co(b)  
195,000 4.40%, 10/15/2029 188,558
360,000 3.13%, 06/15/2031 315,326
605,000 7.95%, 06/15/2033 648,829
280,000 7.95%, 10/15/2054 269,601
165,000 GLP Capital LP / GLP Financing II Inc REIT
6.75%, 12/01/2033
173,782
  Goldman Sachs Group Inc  
1,310,000 5.33%, 07/23/2035 1,314,436
1,462,000 5.07%, 01/21/2037 1,429,357
2,083,000 5.39%, 02/02/2041 2,012,492
1,627,000 HA Sustainable Infrastructure Capital Inc
6.38%, 07/01/2034
1,637,773
1,400,000 Host Hotels & Resorts LP REIT
5.50%, 04/15/2035
1,388,992
  Huntington Bancshares Inc  
765,000 5.71%, 02/02/2035 780,618
85,000 6.14%, 11/18/2039 86,573
  Icahn Enterprises LP / Icahn Enterprises Finance Corp  
636,000 5.25%, 05/15/2027 623,221
760,000 10.00%, 11/15/2029(b) 748,713
Principal Amount(a)   Fair Value
Financial — (continued)
255,000 ING Groep NV
6.11%, 09/11/2034
$      268,958
310,000 Invitation Homes Operating Partnership LP REIT
4.88%, 02/01/2035
      295,829
  Iron Mountain Inc REIT(b)  
     23,000 7.00%, 02/15/2029        23,442
  2,099,000 5.25%, 07/15/2030     2,039,299
    805,000 6.25%, 01/15/2033       802,426
  Jane Street Group / JSG Finance Inc(b)  
23,000 7.13%, 04/30/2031 23,643
23,000 6.75%, 05/01/2033 23,335
  Jefferies Financial Group Inc  
845,000 5.88%, 07/21/2028 862,804
1,040,000 6.20%, 04/14/2034 1,060,604
  JPMorgan Chase & Co  
1,910,000 6.50%, Perpetual(j) 1,959,918
610,000 5.72%, 09/14/2033 631,575
615,000 6.25%, 10/23/2034 661,256
1,240,000 5.58%, 07/23/2036 1,255,756
735,000 4.90%, 01/22/2037 719,205
  Kaisa Group Holdings Ltd(b)(h)(i)  
85,435 7.72%, 12/28/2027
PIK rate, 7.72% 		1,709
124,897 6.25%, 12/28/2028
PIK rate, 0.00% 		2,498
209,089 6.50%, 12/28/2029
PIK rate, 6.50% 		3,659
252,018 6.75%, 12/28/2030
PIK rate, 6.75% 		3,780
379,695 7.00%, 12/28/2031
PIK rate, 7.00% 		6,645
357,325 7.25%, 12/28/2032
PIK rate, 7.25% 		4,467
1,110,000 KeyCorp
6.40%, 03/06/2035
1,176,869
1,000,000 KeyCorp Capital III
7.75%, 07/15/2029
1,045,827
1,610,000 Liberty Mutual Group Inc(b)
4.13%, 12/15/2051
1,572,819
200,000 Logan Group Co Ltd(i)
4.25%, 07/12/2025
20,000
  Macquarie Airfinance Holdings Ltd(b)  
680,000 5.20%, 03/27/2028 682,451
65,000 6.40%, 03/26/2029 67,348
200,000 5.15%, 03/17/2030 198,977
140,000 6.50%, 03/26/2031 146,600
1,420,000 Marsh & McLennan Cos Inc
5.00%, 03/15/2035
1,414,025
  MetLife Inc  
245,000 9.25%, 04/08/2038(b) 287,244
915,000 10.75%, 08/01/2039 1,185,921
985,000 Midcap Financial Issuer Trust(b)
6.50%, 05/01/2028
955,828
565,000 Millrose Properties REIT(b)
6.25%, 09/15/2032
554,608
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
  Morgan Stanley  
    925,000 6.34%, 10/18/2033 $      989,726
  1,610,000 5.42%, 07/21/2034     1,633,601
    309,000 6.63%, 11/01/2034       336,232
     67,000 5.47%, 01/18/2035        68,107
  1,590,000 5.83%, 04/19/2035     1,650,719
  1,480,000 2.48%, 09/16/2036     1,273,374
435,000 5.30%, 04/20/2037 433,942
4,818,000 5.95%, 01/19/2038 4,935,614
145,000 5.94%, 02/07/2039 148,226
1,234,000 5.31%, 01/18/2041 1,191,208
1,410,000 Mutual of Omaha Insurance Co(b)
6.80%, 06/15/2036
1,535,701
1,015,000 Nationstar Mortgage Holdings Inc(b)
5.75%, 11/15/2031
1,025,150
950,000 NatWest Group PLC
6.48%, 06/01/2034
985,936
  Navient Corp  
35,000 6.75%, 06/15/2026 35,083
675,000 5.00%, 03/15/2027 659,789
  Nippon Life Insurance Co(b)  
805,000 6.25%, 09/13/2053 821,377
480,000 6.50%, 04/30/2055 494,916
1,105,000 Northern Trust Corp
5.12%, 11/19/2040
1,075,841
270,000 Omnis Funding Trust(b)
6.72%, 05/15/2055
272,949
  OneMain Finance Corp  
145,000 6.13%, 05/15/2030 141,787
1,330,000 7.13%, 11/15/2031 1,317,760
155,000 6.75%, 09/15/2033 148,622
708,000 Osaic Holdings Inc(b)
6.75%, 08/01/2032
708,088
30,000 Panther Escrow Issuer LLC(b)
7.13%, 06/01/2031
30,101
535,000 Penn Mutual Life Insurance Co(b)
6.65%, 06/15/2034
574,946
560,000 Phoenix Aviation Capital Ltd(b)
9.25%, 07/15/2030
563,522
  PNC Financial Services Group Inc  
990,000 5.58%, 01/29/2036 1,010,696
400,000 5.42%, 01/25/2041 391,859
224,000 Port of Spain Waterfront Development
7.88%, 02/19/2040
224,000
  Prudential Financial Inc  
338,000 5.13%, 03/01/2052 323,424
560,000 6.75%, 03/01/2053 579,494
485,000 6.50%, 03/15/2054 496,809
935,000 Reinsurance Group of America Inc
6.65%, 09/15/2055
930,838
595,000 Rocket Cos Inc(b)
6.38%, 08/01/2033
601,393
Principal Amount(a)   Fair Value
Financial — (continued)
  Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc(b)  
  2,860,000 2.88%, 10/15/2026 $    2,829,063
    900,000 3.63%, 03/01/2029       852,293
    375,000 3.88%, 03/01/2031       346,042
  2,160,000 4.00%, 10/15/2033     1,936,152
61,000 Ryan Specialty LLC(b)
5.88%, 08/01/2032
       60,290
148,000 Service Properties Trust REIT
4.95%, 02/15/2027
      147,887
6,537 Shimao Group Holdings Ltd(b)(h)(i)
5.95%, 07/21/2031

PIK rate, 6.00% 		212
124,545 Sino-Ocean Group Holding Ltd(b)
3.00%, 03/27/2033
6,451
  Societe Generale SA(b)  
1,220,000 6.07%, 01/19/2035(g) 1,259,821
1,510,000 5.44%, 10/03/2036 1,477,370
  State Street Corp  
675,000 6.70%, Perpetual(j) 685,869
525,000 6.12%, 11/21/2034 554,758
1,525,000 Stewart Information Services Corp
3.60%, 11/15/2031
1,348,211
1,270,000 Sumitomo Life Insurance Co(b)
5.88%, 09/10/2055
1,242,605
  Synchrony Financial  
585,000 5.94%, 08/02/2030 594,386
335,000 5.45%, 03/06/2031 334,723
98,000 4.95%, 02/25/2032 95,109
22,000 7.25%, 02/02/2033 22,470
557,000 6.00%, 07/29/2036 549,382
750,000 Takeoff Merger Sub Inc(b)
4.85%, 03/24/2031
740,621
  Texas Capital Bancshares Inc  
843,000 4.00%, 05/06/2031 841,607
390,000 5.30%, 02/27/2032 384,522
  Times China Holdings Ltd(b)(h)(i)  
34,986 4.00%, 03/30/2029
PIK rate, 4.00% 		1,122
130,509 4.20%, 09/30/2032
PIK rate, 4.20% 		3,402
810,000 Toronto-Dominion Bank
8.13%, 10/31/2082
835,649
  Truist Financial Corp  
565,000 5.12%, 01/26/2034 563,480
775,000 5.87%, 06/08/2034 807,494
  UBS Group AG(b)  
980,000 6.60%, Perpetual(g)(j) 956,514
1,060,000 7.00%, Perpetual(j) 1,024,724
745,000 5.62%, 09/13/2030 768,043
1,080,000 4.99%, 08/05/2033 1,074,800
894,000 4.84%, 11/06/2033 879,330
925,000 5.70%, 02/08/2035 948,233
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Financial — (continued)
  UniCredit SpA(b)  
    600,000 3.13%, 06/03/2032 $      551,284
    400,000 5.86%, 06/19/2032       402,472
    280,000 5.46%, 06/30/2035       279,496
  Wells Fargo & Co  
    725,000 6.13%, Perpetual(j)       727,729
    935,000 5.39%, 04/24/2034       949,003
1,715,000 4.89%, 09/15/2036 1,668,535
912,000 4.96%, 01/23/2037 888,418
186,000 Willis North America Inc
5.15%, 03/15/2036
181,135
  Yuzhou Group Holdings Co Ltd(h)  
58,059 7.00%, 06/30/2027
PIK rate, 7.00% 		4,500
48,743 4.00%, 06/30/2028
PIK rate, 4.00% 		1,584
85,092 4.50%, 06/30/2029
PIK rate, 4.50% 		2,553
113,857 5.00%, 06/30/2030
PIK rate, 5.00% 		3,131
160,111 5.50%, 06/30/2031
PIK rate, 5.50% 		4,003
58,895 1.00%, 06/30/2034
PIK rate, 1.00% 		147
    151,759,407
Industrial — 4.51%
445,000 Amrize Finance US LLC
5.40%, 04/07/2035
452,516
45,000 Arcosa Inc(b)
6.88%, 08/15/2032
46,109
  Axon Enterprise Inc(b)  
228,000 6.13%, 03/15/2030 231,772
123,000 6.25%, 03/15/2033 125,552
2,480,000 BAE Systems PLC(b)
5.30%, 03/26/2034
2,540,037
2,249,000 Ball Corp
5.50%, 09/15/2033
2,250,291
  Boeing Co  
1,035,000 5.15%, 05/01/2030 1,052,326
1,297,000 3.63%, 02/01/2031 1,233,475
265,000 6.39%, 05/01/2031 282,580
1,190,000 6.53%, 05/01/2034 1,296,318
928,000 5.71%, 05/01/2040 929,459
3,589,000 5.81%, 05/01/2050 3,469,581
2,468,000 6.86%, 05/01/2054 2,716,219
605,000 5.93%, 05/01/2060 580,732
395,000 7.01%, 05/01/2064 436,680
870,000 Builders FirstSource Inc(b)
6.38%, 03/01/2034
858,879
  Cemex SAB de CV(b)  
995,000 5.13%, Perpetual(j) 990,861
500,000 7.20%, Perpetual(j) 506,250
640,000 3.88%, 07/11/2031 597,422
  Clean Harbors Inc(b)  
11,000 6.38%, 02/01/2031 11,171
9,000 5.75%, 10/15/2033 8,978
Principal Amount(a)   Fair Value
Industrial — (continued)
1,780,000 CRH America Finance Inc
5.00%, 02/09/2036
$    1,747,459
1,380,000 Eagle Materials Inc
5.00%, 03/15/2036
    1,321,358
  Entegris Inc(b)  
  1,850,000 4.75%, 04/15/2029     1,828,783
    612,000 3.63%, 05/01/2029       581,691
     15,000 5.95%, 06/15/2030        15,095
  Esab Corp(b)  
23,000 6.25%, 04/15/2029 23,343
570,000 5.63%, 04/01/2031 573,996
  FTAI Aviation Investors LLC(b)  
465,000 7.00%, 05/01/2031 476,685
860,000 7.00%, 06/15/2032 881,600
522,000 GFL Environmental Holdings US Inc(b)
5.50%, 02/01/2034
511,975
  GFL Environmental Inc(b)  
404,000 4.38%, 08/15/2029 393,061
587,000 6.75%, 01/15/2031 607,444
686,000 Global Infrastructure Solutions Inc(b)
7.50%, 04/15/2032
715,194
285,000 Honeywell Aerospace Inc(b)
4.95%, 03/16/2036
282,778
  IHS Holding Ltd(b)  
50,000 6.25%, 11/29/2028 49,545
141,000 8.25%, 11/29/2031 144,667
65,000 Imola Merger Corp(b)
4.75%, 05/15/2029
63,176
2,355,000 Ingersoll Rand Inc
5.70%, 08/14/2033
2,446,571
1,325,000 Jabil Inc
3.00%, 01/15/2031
1,220,880
690,000 Jacobs Solutions Inc
5.38%, 03/03/2036
672,921
  JH North America Holdings Inc(b)  
712,000 5.88%, 01/31/2031 706,084
2,210,000 6.13%, 07/31/2032 2,201,192
  L3Harris Technologies Inc  
1,000,000 5.40%, 07/31/2033 1,025,994
1,047,000 5.35%, 06/01/2034 1,064,213
1,744,000 LSB Industries Inc(b)
6.25%, 10/15/2028
1,733,191
720,000 Madison IAQ LLC(b)
5.88%, 06/30/2029
706,075
1,220,000 Mauser Packaging Solutions Holding Co(b)
9.25%, 04/15/2030
1,133,585
920,000 Maxam Prill SARL(b)
7.75%, 07/15/2030
935,054
596,000 New Enterprise Stone & Lime Co Inc(b)
9.75%, 07/15/2028
595,397
930,000 Nordson Corp
5.80%, 09/15/2033
966,672
175,000 Otis Worldwide Corp
5.13%, 09/04/2035
174,542
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Industrial — (continued)
  Owens Corning  
  1,390,000 5.70%, 06/15/2034 $    1,436,898
  1,127,000 7.00%, 12/01/2036     1,256,011
1,695,000 Quikrete Holdings Inc(b)
6.38%, 03/01/2032
    1,718,735
1,136,000 Regal Rexnord Corp
6.40%, 04/15/2033
    1,200,740
754,000 Sensata Technologies BV(b)
4.00%, 04/15/2029
      727,580
  Sensata Technologies Inc(b)  
66,000 4.38%, 02/15/2030 63,118
279,000 3.75%, 02/15/2031 258,778
391,000 SMBC Aviation Capital Finance Designated Activity Co(b)
5.10%, 04/01/2030
394,186
790,000 Sonoco Products Co(g)
5.00%, 09/01/2034
772,752
590,000 Standard Building Solutions Inc(b)
5.88%, 03/15/2034
568,872
970,000 Stanley Black & Decker Inc
6.71%, 03/15/2060
947,334
  TD SYNNEX Corp  
985,000 1.75%, 08/09/2026 975,135
1,530,000 6.10%, 04/12/2034 1,578,104
285,000 5.30%, 10/10/2035 276,115
  TopBuild Corp(b)  
265,000 4.13%, 02/15/2032 244,219
31,000 5.63%, 01/31/2034 30,342
  TransDigm Inc(b)  
507,000 6.88%, 12/15/2030 519,496
740,000 6.63%, 03/01/2032 754,704
23,000 6.00%, 01/15/2033 22,987
80,000 6.13%, 07/31/2034 78,683
1,775,000 Trimble Inc
6.10%, 03/15/2033
1,857,185
395,000 Trivium Packaging Finance BV(b)
12.25%, 01/15/2031
427,670
969,000 Weekley Homes LLC / Weekley Finance Corp(b)
4.88%, 09/15/2028
938,311
395,000 WESCO Distribution Inc(b)
5.50%, 04/15/2034
389,015
    63,854,399
Technology — 3.24%
1,595,000 Atlassian Corp
5.50%, 05/15/2034
1,561,883
  Booz Allen Hamilton Inc  
245,000 3.88%, 09/01/2028(b) 238,623
555,000 4.00%, 07/01/2029(b)(g) 537,006
510,000 5.95%, 08/04/2033(g) 520,460
  Broadcom Inc  
3,980,000 3.47%, 04/15/2034 3,583,745
575,000 3.14%, 11/15/2035(b) 488,512
24,000 3.19%, 11/15/2036(b) 20,056
1,791,000 4.93%, 05/15/2037(b) 1,737,132
Principal Amount(a)   Fair Value
Technology — (continued)
  CDW LLC / CDW Finance Corp  
    235,000 3.28%, 12/01/2028 $      225,761
    995,000 3.25%, 02/15/2029       947,580
  1,575,000 3.57%, 12/01/2031     1,439,682
  1,195,000 5.55%, 08/22/2034     1,174,350
1,230,000 Cloud Software Group Inc(b)
9.00%, 09/30/2029
    1,186,548
461,000 Consensus Cloud Solutions Inc(b)
6.50%, 10/15/2028
      456,676
1,140,000 Dell International LLC / EMC Corp
5.10%, 02/15/2036
1,114,697
1,604,000 Fair Isaac Corp(b)
6.00%, 05/15/2033
1,573,879
855,000 Foundry JV Holdco LLC(b)
5.88%, 01/25/2034
865,686
1,515,000 Gartner Inc(b)
3.75%, 10/01/2030
1,377,572
680,000 Insight Enterprises Inc(b)
6.63%, 05/15/2032
656,305
  Leidos Inc  
100,000 4.38%, 05/15/2030 98,383
230,000 2.30%, 02/15/2031 204,680
980,000 5.40%, 03/15/2032 998,963
1,275,000 5.75%, 03/15/2033 1,321,710
665,000 5.50%, 03/15/2035 675,792
1,964,000 5.00%, 03/15/2036 1,898,809
  MSCI Inc  
1,512,000 3.63%, 09/01/2030(b) 1,429,139
200,000 3.25%, 08/15/2033(b) 174,215
755,000 5.25%, 09/01/2035 739,565
  NetApp Inc  
550,000 5.50%, 03/17/2032 562,745
500,000 5.70%, 03/17/2035(g) 509,370
  OAK-Eagle Acquireco Inc(b)  
362,000 7.25%, 07/01/2033 375,066
205,000 8.75%, 07/01/2034 214,613
  Open Text Corp(b)  
277,000 6.90%, 12/01/2027 284,307
281,000 3.88%, 02/15/2028 270,565
1,157,000 3.88%, 12/01/2029 1,033,958
89,000 Open Text Holdings Inc(b)
4.13%, 02/15/2030
79,524
  Oracle Corp  
465,000 6.25%, 11/09/2032 477,143
565,000 5.50%, 08/03/2035 539,347
2,398,000 5.20%, 09/26/2035 2,249,312
529,000 5.70%, 02/04/2036 508,627
904,000 3.95%, 03/25/2051 572,825
500,000 6.90%, 11/09/2052 472,064
98,000 6.00%, 08/03/2055 82,162
1,174,000 5.95%, 09/26/2055 987,652
1,429,000 6.70%, 02/04/2056 1,326,260
1,241,000 6.85%, 02/04/2066 1,140,879
415,000 Paychex Inc
5.60%, 04/15/2035
416,793
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Technology — (continued)
631,000 Rackspace Technology Global Inc(b)
5.38%, 12/01/2028
$      252,400
810,000 Rocket Software Inc(b)
9.00%, 11/28/2028
      808,784
2,452,000 Salesforce Inc
5.55%, 03/15/2036
    2,444,373
  Science Applications International Corp(b)  
    707,000 4.88%, 04/01/2028       695,778
     16,000 5.88%, 11/01/2033        15,614
  Seagate Data Storage Technology Pte Ltd(b)  
40,000 4.09%, 06/01/2029 38,714
12,000 8.25%, 12/15/2029 12,602
12,000 5.88%, 07/15/2030 12,197
12,000 5.75%, 12/01/2034 11,955
  Synopsys Inc  
700,000 5.15%, 04/01/2035 701,338
815,000 5.70%, 04/01/2055 779,207
850,000 VMware LLC
2.20%, 08/15/2031
746,059
30,000 Zebra Technologies Corp(b)
6.50%, 06/01/2032
30,204
    45,899,846
Utilities — 1.44%
565,000 AES Corp
7.60%, 01/15/2055
560,434
585,000 Alpha Generation LLC(b)
6.25%, 01/15/2034
574,671
970,000 Capital Power US Holdings Inc(b)
6.19%, 06/01/2035
993,233
1,275,000 CMS Energy Corp
4.75%, 06/01/2050
1,236,532
248,000 Comision Ejecutiva Hidroelectrica del Rio Lempa(b)
8.65%, 01/24/2033
254,200
  Dominion Energy Inc  
535,000 7.00%, 06/01/2054 565,864
715,000 6.20%, 02/15/2056 708,711
750,000 Duke Energy Corp
5.45%, 06/15/2034
766,605
1,070,000 Electricite de France SA(b)
6.90%, 05/23/2053
1,144,639
775,000 Enel Finance International NV(b)
7.50%, 10/14/2032
872,633
975,000 Entergy Corp
7.13%, 12/01/2054
999,061
450,000 Eskom Holdings (b)
8.45%, 08/10/2028
471,015
1,235,000 KeySpan Gas East Corp(b)
5.99%, 03/06/2033
1,289,446
225,000 Limak Yenilenebilir Enerji AS(b)
9.63%, 08/12/2030
218,128
Principal Amount(a)   Fair Value
Utilities — (continued)
1,450,000 NextEra Energy Capital Holdings Inc
6.50%, 08/15/2055
$    1,496,291
  NRG Energy Inc(b)  
  1,245,000 4.45%, 06/15/2029     1,229,631
  1,470,000 7.00%, 03/15/2033     1,591,407
845,000 Southern Co
5.70%, 03/15/2034
      875,616
210,000 Southern Co Gas Capital Corp
5.75%, 09/15/2033
      218,242
190,000 Southern Power Co
4.90%, 10/01/2035
      183,749
729,000 Vistra Corp(b)(j)
8.00%, Perpetual
736,727
  Vistra Operations Co LLC(b)  
350,000 4.70%, 01/31/2031 344,365
885,000 6.88%, 04/15/2032 915,928
220,000 5.70%, 12/30/2034 221,323
220,000 5.25%, 10/15/2035 213,647
495,000 5.35%, 01/31/2036 484,206
692,000 VoltaGrid LLC(b)
7.38%, 11/01/2030
714,704
450,000 XPLR Infrastructure Operating Partners LP(b)
7.75%, 04/15/2034
464,738
    20,345,746
TOTAL CORPORATE BONDS AND NOTES — 41.37%
(Cost $586,863,048) 		$585,978,863
CONVERTIBLE BONDS
Basic Materials — 0.02%
144,000 B2Gold Corp(b)
2.75%, 02/01/2030
232,344
Communications — 0.18%
287,000 DoorDash Inc(b)(k)
2.37%, 05/15/2030
261,457
450,532 EchoStar Corp(h)
3.88%, 11/30/2030

PIK rate, 0.00% 		1,609,345
67,000 InterDigital Inc
3.50%, 06/01/2027
261,468
223,000 Lyft Inc(b)(k)
1.42%, 09/15/2030
209,715
214,000 Uber Technologies Inc
0.88%, 12/01/2028
257,335
    2,599,320
Consumer, Cyclical — 0.05%
229,000 Burlington Stores Inc
1.25%, 12/15/2027
377,850
73,000 Freshpet Inc
3.00%, 04/01/2028
83,833
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Consumer, Cyclical — (continued)
204,000 NCL Corp Ltd(b)
0.88%, 04/15/2030
$      211,707
    673,390
Consumer, Non-Cyclical — 0.06%
206,000 Arrowhead Pharmaceuticals Inc(k)
(0.59%), 01/15/2032
      213,128
159,000 Halozyme Therapeutics Inc(b)
0.88%, 11/15/2032
      156,854
141,000 Ligand Pharmaceuticals Inc(b)
0.75%, 10/01/2030
      170,540
166,000 Post Holdings Inc
2.50%, 08/15/2027
      179,695
123,000 Zoetis Inc(b)
0.25%, 06/15/2029
122,078
    842,295
Financial — 0.05%
198,900 CIFI Holdings Group Co Ltd(k)
0.00%, 06/30/2029
8,620
242,000 Compass Inc(b)
0.25%, 04/15/2031
202,554
278,784 Country Garden Holdings Co Ltd(k)
0.00%, 12/31/2031
31,009
73,000 EZCORP Inc(b)
3.75%, 12/15/2029
172,333
246,000 IREN Ltd(b)
1.00%, 06/01/2033
216,111
  Kaisa Group Holdings Ltd(b)(i)(k)  
74,267 0.00%, 12/31/2026 186
92,838 0.00%, 12/31/2027 93
148,535 0.00%, 12/31/2028 74
148,535 0.00%, 12/31/2029 30
185,669 0.00%, 12/31/2030 56
185,669 0.00%, 12/31/2031 18
350,277 0.00%, 12/31/2032 35
537,938 Shimao Group Holdings Ltd(b)(i)(k)
0.00%, 07/21/2026
10,490
307,807 Sino-Ocean Group Holding Ltd(b)(k)
0.00%, 03/27/2027
2,308
  Sunac China Holdings Ltd(b)(k)  
318,711 0.00%, 06/23/2026 52,992
235,513 0.00%, 06/23/2028 60,546
186,979 Times China Holdings Ltd
0.00%, 03/30/2027(b)(k) 		1,415
    758,870
Industrial — 0.10%
160,000 Advanced Energy Industries Inc
2.50%, 09/15/2028
384,608
Principal Amount(a)   Fair Value
Industrial — (continued)
184,000 Bloom Energy Corp(b)(k)
(1.34%), 11/15/2030
$      195,923
140,000 Fluor Corp
1.13%, 08/15/2029
      172,410
  Granite Construction Inc  
     93,000 3.75%, 05/15/2028       243,893
    110,000 3.25%, 06/15/2030       180,950
126,000 Itron Inc
1.38%, 07/15/2030
      126,630
150,000 Tetra Tech Inc
2.25%, 08/15/2028
      156,810
    1,461,224
Technology — 0.24%
83,000 Cloudflare Inc(b)(k)
(2.81%), 06/15/2030
94,102
200,000 CyberArk Software Ltd(b)(k)
(1.18%), 06/15/2030
205,360
165,000 Guidewire Software Inc
1.25%, 11/01/2029
164,278
  Lumentum Holdings Inc  
38,000 1.50%, 12/15/2029 384,337
92,000 0.38%, 03/15/2032(b) 354,156
129,000 Microchip Technology Inc(b)(k)
0.65%, 02/15/2030
125,840
100,000 MKS Inc
1.25%, 06/01/2030
165,200
228,000 Nova Ltd(b)(k)
(7.87%), 09/15/2030
350,877
200,000 Nutanix Inc
0.50%, 12/15/2029
180,301
301,000 Rubrik Inc(b)(k)
3.85%, 06/15/2030
259,011
110,000 Seagate HDD Cayman
3.50%, 06/01/2028
522,192
235,000 Snowflake Inc(k)
(5.22%), 10/01/2029
287,546
34,000 Western Digital Corp
3.00%, 11/15/2028
243,379
    3,336,579
Utilities — 0.06%
140,000 Evergy Inc
4.50%, 12/15/2027
188,860
262,000 FirstEnergy Corp(b)
3.88%, 01/15/2031
302,086
190,000 Pinnacle West Capital Corp
4.75%, 06/15/2027
217,550
149,000 UGI Corp
5.00%, 06/01/2028
208,824
    917,320
TOTAL CONVERTIBLE BONDS — 0.76%
(Cost $11,617,682) 		$10,821,342
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
FOREIGN GOVERNMENT BONDS AND NOTES
  Angolan Government International Bond(b)  
451,000 8.00%, 11/26/2029 $      445,273
274,000 9.24%, 01/15/2031       277,422
252,000 8.75%, 04/14/2032       244,835
  Argentine Republic Government International Bond(d)  
1,270,800 0.75%, 07/09/2030     1,062,389
1,407,000 4.13%, 07/09/2035     1,013,040
2,128,000 3.50%, 07/09/2041 1,416,184
2,200,955 4.13%, 07/09/2046 1,502,151
  Bahrain Government International Bond(b)  
703,000 7.38%, 05/14/2030 703,990
237,000 5.63%, 05/18/2034 209,241
510,000 7.50%, 07/07/2037 497,402
730,000 6.63%, 10/06/2037 663,354
2,172,000 7.10%, 02/03/2038 2,044,559
436,000 Benin Government International Bond(b)
7.96%, 02/13/2038   		427,740
  Brazil Notas do Tesouro Nacional Serie F  
8,730 BRL, 10.00%, 01/01/2029 1,595,590
52,267 BRL, 10.00%, 01/01/2031(i) 9,058,012
  Brazilian Government International Bond  
730,000 6.00%, 10/20/2033 732,044
1,553,000 6.63%, 03/15/2035 1,587,399
427,000 6.25%, 05/22/2036 418,247
176,000 Bulgaria Government International Bond
5.00%, 03/05/2037   		169,504
3,715,000 Canadian Government Bond
CAD, 2.25%, 02/01/2028   		2,638,769
  Chile Government International Bond  
211,000 3.50%, 01/31/2034 190,164
2,186,000 4.95%, 01/05/2036 2,159,353
387,000 5.65%, 01/13/2037 401,087
418,000 3.10%, 05/07/2041 316,263
265,000 5.33%, 01/05/2054 249,895
3,155,000 3.10%, 01/22/2061 1,941,271
4,344,000 3.25%, 09/21/2071 2,685,374
  Colombia Government International Bond  
199,000 7.38%, 04/25/2030 206,289
496,000 6.13%, 01/21/2031 487,320
411,000 8.00%, 04/20/2033 432,627
2,196,000 8.00%, 11/14/2035 2,298,202
400,000 7.38%, 09/18/2037 398,052
806,000 6.13%, 01/18/2041 700,446
1,761,000 5.63%, 02/26/2044 1,388,742
235,000 8.75%, 11/14/2053(g) 252,143
  Costa Rica Government International Bond(b)  
259,000 6.55%, 04/03/2034 272,916
477,000 7.30%, 11/13/2054 514,640
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
98,420,000 Czech Republic Government Bond
CZK, 1.75%, 06/23/2032   		$    3,924,832
  Dominican Republic International Bond  
966,000 5.88%, 10/28/2035(b)       917,265
496,000 6.60%, 06/01/2036(b)       495,454
675,000 6.95%, 03/15/2037(b)       687,015
1,382,000 6.95%, 03/15/2037     1,406,600
814,000 Eagle Funding Luxco SARL(b)
5.50%, 08/17/2030   		      818,274
  Ecuador Government International Bond  
809,000 6.90%, 07/31/2035(d) 712,066
830,000 9.25%, 01/29/2039(b) 813,400
449,000 5.00%, 07/31/2040(d) 351,343
  Egypt Government International Bond  
561,000 5.80%, 09/30/2027 553,717
158,000 8.63%, 02/04/2030(b) 163,341
780,000 5.88%, 02/16/2031(b) 717,078
357,000 7.05%, 01/15/2032(b) 337,065
386,000 6.88%, 04/30/2040(b) 319,044
1,401,000 8.50%, 01/31/2047(b) 1,208,313
307,000 8.70%, 03/01/2049 268,520
654,000 8.75%, 09/30/2051(b) 572,950
  El Salvador Government International Bond  
1,469,000 7.65%, 06/15/2035 1,432,760
223,000 7.63%, 02/01/2041 208,271
410,000 Emirate of Dubai Government International Bonds
3.90%, 09/09/2050   		280,708
143,000 Ethiopia International Bond(b)(i)
6.63%, 12/11/2024   		145,860
513,000 Gabon Government International Bond(b)
6.63%, 02/06/2031   		429,088
  Ghana Government International Bond  
3,320 0.00%, 07/03/2026(b)(k) 3,256
2,432 0.00%, 07/03/2026(k) 2,385
16,722 0.00%, 01/03/2030(b)(k) 14,078
12,249 0.00%, 01/03/2030(k) 10,310
1,113,792 5.00%, 07/03/2035(d) 948,108
313,000 Guatemala Government Bond
6.25%, 08/15/2036   		318,165
  Hungary Government International Bond  
239,000 2.13%, 09/22/2031(i) 202,532
393,000 6.25%, 09/22/2032(b) 409,784
524,000 5.50%, 06/16/2034(b) 517,475
424,000 6.00%, 09/26/2035(b) 430,602
2,042,000 5.50%, 03/26/2036(b) 1,990,722
  Indonesia Government International Bond  
250,000 4.55%, 01/11/2028 250,198
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
838,000 2.85%, 02/14/2030 $      778,613
224,000 4.75%, 09/10/2034       215,307
1,668,000 5.60%, 01/15/2035(g)     1,697,091
507,000 4.20%, 10/15/2050       392,430
113,000 5.10%, 02/10/2054(g)       101,997
106,000 3.20%, 09/23/2061        63,383
  Ivory Coast Government International Bond(b)  
200,000 6.13%, 06/15/2033(g) 188,158
265,000 8.08%, 04/01/2036 269,049
460,000 8.25%, 01/30/2037 471,958
  Kazakhstan Government International Bond(b)  
360,000 4.41%, 10/28/2030 352,495
858,000 5.50%, 07/01/2037 862,217
538,000 KSA Ijarah Sukuk Ltd(b)
4.88%, 09/09/2035   		524,606
915,000 Kyrgyz Republic International Bond(b)
7.75%, 06/03/2030   		910,822
  Lebanon Government International Bond(i)  
667,000 8.25%, 04/12/2021 158,413
758,000 7.00%, 03/23/2032 183,876
  Malaysia Government Bond  
8,684,000 MYR, 3.52%, 04/20/2028 2,156,993
17,370,000 MYR, 2.63%, 04/15/2031 4,126,645
1,680,000 MYR, 3.48%, 07/02/2035 409,113
15,645,000 MYR, 4.05%, 04/18/2039 3,916,586
  Mexican Bonos  
497,100(l) MXN, 8.50%, 05/31/2029 2,770,092
258,000(l) MXN, 7.75%, 11/13/2042 1,194,562
793,042(l) MXN, 8.00%, 07/31/2053 3,696,674
  Mexico Government International Bond  
700,000 5.85%, 07/02/2032 702,520
357,000 5.38%, 03/22/2033 348,611
1,465,000 3.50%, 02/12/2034 1,247,448
1,017,000 6.00%, 05/07/2036 1,010,033
392,000 6.63%, 01/29/2038 399,448
2,559,000 6.13%, 02/09/2038 2,493,746
780,000 6.34%, 05/04/2053 724,815
306,000 3.77%, 05/24/2061 182,606
200,000 Mozambique International Bond(b)(d)
9.00%, 09/15/2031   		149,922
  Nigeria Government International Bond  
1,730,000 6.50%, 11/28/2027 1,735,185
300,000 9.63%, 06/09/2031(b) 328,524
784,000 7.38%, 09/28/2033(b) 767,718
907,000 10.38%, 12/09/2034(b) 1,039,042
230,000 8.63%, 01/13/2036(b) 239,633
  Oman Government International Bond(b)  
1,125,000 6.25%, 01/25/2031 1,173,154
2,237,000 6.50%, 03/08/2047 2,292,081
  Pakistan Government International Bond  
1,173,000 6.00%, 04/08/2026 1,171,534
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
1,610,000 6.88%, 12/05/2027 $    1,589,092
702,000 7.38%, 04/08/2031(b)       649,426
  Panama Government International Bond  
600,000 3.88%, 03/17/2028       588,948
322,000 6.70%, 01/26/2036       339,198
965,000 5.66%, 02/23/2038       925,773
204,000 8.00%, 03/01/2038       233,549
  Peruvian Government International Bond  
995,000 5.38%, 02/08/2035 992,065
794,000 5.88%, 08/08/2054 764,424
820,000 3.60%, 01/15/2072 503,644
  Philippine Government International Bond  
437,000 5.50%, 02/04/2035 442,683
170,000 4.75%, 03/05/2035 163,478
344,000 3.70%, 03/01/2041 275,084
305,000 Republic of Azerbaijan International Bond
3.50%, 09/01/2032   		280,884
286,000 Republic of Cameroon International Bond(g)
9.50%, 07/31/2031   		278,850
  Republic of Kenya Government International Bond(b)  
100,000 9.75%, 02/16/2031 102,606
587,000 7.88%, 10/09/2033 544,257
501,000 7.88%, 02/26/2034 454,790
397,000 9.50%, 03/05/2036 388,024
509,000 8.70%, 02/26/2039 460,688
  Republic of Poland Government International Bond  
331,000 4.88%, 10/04/2033 330,780
374,000 5.13%, 09/18/2034 375,838
1,577,000 5.38%, 02/12/2035 1,605,561
1,972,000 5.50%, 03/18/2054 1,821,678
  Republic of South Africa Government Bond  
33,405,000 ZAR, 9.00%, 01/31/2040 1,853,919
67,300,000 ZAR, 8.75%, 02/28/2048 3,597,623
  Republic of South Africa Government International Bond  
998,000 7.10%, 11/19/2036(b) 1,019,372
754,000 6.13%, 12/11/2037(b) 700,391
322,000 5.38%, 07/24/2044 251,053
1,617,000 5.65%, 09/27/2047 1,264,171
602,000 7.95%, 11/19/2054(b) 595,520
  Republic of Uzbekistan International Bond  
300,000 7.85%, 10/12/2028(b) 313,639
200,000 3.70%, 11/25/2030 181,779
855,000 3.90%, 10/19/2031 771,780
2,595,000 6.90%, 02/28/2032(b) 2,703,988
820,000 6.95%, 05/25/2032(b) 857,523
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
  Romanian Government International Bond(b)  
1,344,000 5.88%, 01/30/2029 $    1,353,272
805,000 7.13%, 01/17/2033       840,983
1,444,000 6.38%, 01/30/2034     1,436,006
165,000 6.00%, 05/25/2034       160,024
71,000 5.75%, 03/24/2035        67,129
367,000 5.75%, 07/04/2036       340,298
  Saudi Government International Bond  
680,000 5.50%, 10/25/2032(b) 699,805
1,260,000 5.63%, 01/13/2035(b) 1,303,205
565,000 5.63%, 01/13/2035(g) 583,029
1,789,000 4.88%, 01/12/2036(b) 1,742,021
1,131,000 4.50%, 10/26/2046(b) 919,831
1,140,000 3.75%, 01/21/2055(b) 772,332
495,000 Senegal Government International Bond(b)
6.25%, 05/23/2033   		262,420
  Sri Lanka Government International Bond(b)(d)  
131,870 3.35%, 03/15/2033 110,250
1,249,042 3.60%, 06/15/2035 942,792
308,647 3.60%, 02/15/2038 274,282
538,000 Suriname Government International Bond(b)
8.50%, 11/06/2035   		554,129
  Trinidad & Tobago Government International Bond  
67,000 6.40%, 06/26/2034(b) 66,565
253,000 6.40%, 06/26/2034(g) 251,356
442,000 6.50%, 01/28/2036(b) 439,127
  Turkiye Government Bond  
105,855,000 TRY, 36.00%, 08/12/2026 2,340,280
158,130,000 TRY, 36.78%, 10/13/2027 3,445,520
  Turkiye Government International Bond  
1,676,000 9.13%, 07/13/2030 1,827,578
565,000 7.13%, 02/12/2032 565,401
141,000 7.25%, 05/29/2032 141,393
360,000 6.30%, 03/14/2033 340,500
1,415,000 7.63%, 05/15/2034 1,439,544
528,000 6.95%, 09/16/2035 506,085
435,000 6.80%, 11/04/2036 410,392
598,000 6.63%, 02/17/2045 507,733
  Ukraine Government International Bond(d)  
107,444 4.50%, 02/01/2029 75,615
30,723 14.48%, 02/01/2030 17,968
257,000 4.00%, 02/01/2032(b) 185,537
1,164,840 4.00%, 02/01/2032 839,444
1,196,000 4.50%, 02/01/2034(b) 638,136
114,812 11.13%, 02/01/2034 49,141
939,860 4.50%, 02/01/2035 492,556
58,769 4.50%, 02/01/2036 30,158
282,000 7.97%, 02/01/2036(b) 130,766
  Uruguay Government International Bond  
27,643,000 UYU, 8.50%, 03/15/2028 698,981
Principal Amount(a)   Fair Value
Foreign Government Bonds and Notes — (continued)
34,665,000 UYU, 9.75%, 07/20/2033 $      944,044
43,778,000 UYU, 8.00%, 10/29/2035     1,090,438
1,227,000 5.10%, 06/18/2050     1,124,116
  Venezuela Government International Bond(i)  
1,190,000 12.75%, 08/23/2022       597,975
850,000 11.75%, 10/21/2026       435,625
339,389 Zambia Government International Bond(b)(d)
5.75%, 06/30/2033   		      318,143
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES — 11.68%
(Cost $166,916,868) 		$165,443,611
MORTGAGE-BACKED SECURITIES
Non-Agency — 8.11%
  A&D Mortgage Trust(b)  
  Series 2023-NQM3 Class A1  
673,626 6.73%, 07/25/2068(d)   675,916
  Series 2025-NQM2 Class A1  
1,172,900 5.79%, 06/25/2070(e)   1,179,532
  Ajax Mortgage Loan Trust(b)(d)  
  Series 2019-D Class A1  
99,329 2.96%, 09/25/2065   95,772
  Series 2022-B Class A1  
1,052,127 3.50%, 03/27/2062   1,018,119
1,725,000 ALA Trust(b)(c)
Series 2025-OANA Class A
5.42%,  06/15/2040
1-mo. SOFR + 1.74% 		1,729,313
  Angel Oak Mortgage Trust(b)  
  Series 2021-3 Class A2  
236,205 1.31%, 05/25/2066(e)   206,523
  Series 2022-5 Class A1  
1,406,933 4.50%, 05/25/2067(d)   1,400,916
  Series 2023-1 Class A1  
2,263,703 4.75%, 09/26/2067(d)   2,257,018
315,000 Arixa Mortgage Trust(b)(d)
Series 2025-RTL1 Class A1
5.74%,  08/25/2030   		315,809
  Arroyo Mortgage Trust(b)  
  Series 2019-1 Class A1  
68,159 3.81%, 01/25/2049(e)   66,476
  Series 2019-2 Class A1  
269,568 3.35%, 04/25/2049(e)   262,289
  Series 2020-1 Class A3  
1,810,000 3.33%, 03/25/2055   1,671,238
283,703 ATLX Trust(b)(d)
Series 2024-RPL2 Class A1
3.85%,  04/25/2063   		275,372
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
480,000 BANK
Series 2021-BN35 Class AS
2.46%,  06/15/2064   		$      415,757
1,629,000 Barclays Commercial Mortgage Securities Trust(b)(c)
Series 2018-CBM Class A
4.97%,  07/15/2037
1-mo. SOFR + 1.30% 		    1,583,941
  BFLD Commercial Mortgage Trust(b)(c)  
  Series 2025-660F Class B  
    250,000 5.47%, 11/15/2042
1-mo. SOFR + 1.80% 		      249,375
  Series 2025-660F Class C  
    220,000 5.82%, 11/15/2042
1-mo. SOFR + 2.15% 		      219,450
  BPR Trust(b)  
  Series 2021-NRD Class B  
130,000 5.80%, 12/15/2038(c)
1-mo. SOFR + 2.12% 		129,243
  Series 2021-NRD Class C  
145,000 6.10%, 12/15/2038(c)
1-mo. SOFR + 2.42% 		143,966
  Series 2021-NRD Class D  
90,000 7.40%, 12/15/2038(c)
1-mo. SOFR + 3.72% 		89,275
  Series 2025-STAR Class A  
150,000 4.62%, 11/05/2042(e)   148,723
47,553 Bunker Hill Loan Depositary Trust(b)(d)
Series 2019-2 Class A1
2.88%,  07/25/2049   		46,752
  BX Trust(b)  
  Series 2019-OC11 Class B  
860,000 3.61%, 12/09/2041   815,271
  Series 2019-OC11 Class D  
1,129,000 3.94%, 12/09/2041(e)   1,067,288
  Series 2022-AHP Class B  
718,259 5.51%, 01/17/2039(c)
1-mo. SOFR + 1.84% 		718,034
  Series 2022-CLS Class A  
1,294,000 5.76%, 10/13/2027   1,298,662
  Series 2024-VLT4 Class A  
415,000 5.16%, 06/15/2041(c)
1-mo. SOFR + 1.49% 		412,406
  Series 2024-VLT5 Class B  
105,000 5.41%, 11/13/2046(e)   106,136
  Series 2024-XL5 Class A  
886,364 5.06%, 03/15/2041(c)
1-mo. SOFR + 1.39% 		887,380
  Series 2025-DELC Class C  
245,000 5.87%, 12/15/2042(c)
1-mo. SOFR + 2.20% 		244,388
  Series 2025-ROIC Class C  
1,034,577 5.22%, 03/15/2030(c)
1-mo. SOFR + 1.54% 		1,025,550
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2025-VLT6 Class A  
  2,460,000 5.12%, 03/15/2042(c)
1-mo. SOFR + 1.44% 		$    2,443,088
  Series 2025-VLT7 Class A  
    900,000 5.37%, 07/15/2044(c)
1-mo. SOFR + 1.70% 		      896,063
  Series 2025-VLT7 Class B  
    790,000 5.67%, 07/15/2044(c)
1-mo. SOFR + 2.00% 		      785,309
1,220,000 CAFL Issuer LLC(b)(d)
Series 2026-R1 Class A1
6.77%,  03/25/2036   		    1,217,059
545,000 Cardinal Mortgage Trust(b)(d)
Series 2025-RTL1 Class A1
5.59%,  11/25/2030   		545,841
1,540,000 CENT Trust(b)(e)
Series 2025-CITY Class A
4.92%,  07/10/2040   		1,551,044
365,875 Chase Mortgage Finance Corp(b)(e)
Series 2016-SH2 Class M2
3.75%,  12/25/2045   		341,792
  Citigroup Mortgage Loan Trust(b)(e)  
  Series 2019-RP1 Class M2  
185,000 4.00%, 01/25/2066   171,740
  Series 2025-INV1 Class A2  
792,353 6.00%, 01/25/2055   800,772
111,576 COLT Mortgage Loan Trust(b)(d)
Series 2023-4 Class A1
7.16%,  10/25/2068   		112,364
  COMM Mortgage Trust(b)  
  Series 2012-LTRT Class A2  
53,556 3.40%, 10/05/2030   53,191
  Series 2024-CBM Class A2  
200,000 5.87%, 12/10/2041(e)   200,558
  Credit Suisse Mortgage Trust(b)  
  Series 2014-USA Class B  
285,000 4.18%, 09/15/2037   242,416
  Series 2014-USA Class D  
100,000 4.37%, 09/15/2037   82,562
  Series 2017-RPL1 Class A1  
1,091,921 2.75%, 07/25/2057(e)   1,070,202
  Series 2021-RPL4 Class A1  
132,650 4.15%, 12/27/2060(e)   132,184
460,000 DC Commercial Mortgage Trust(b)(e)
Series 2023-DC Class C
7.14%,  09/12/2040   		464,686
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Deephaven Residential Mortgage Trust(b)(e)  
  Series 2022-1 Class A1  
  1,398,598 2.21%, 01/25/2067   $    1,291,345
  Series 2025-INV1 Class A1  
    915,634 5.09%, 11/25/2060         912,993
  Ellington Financial Mortgage Trust(b)(e)  
  Series 2019-2 Class A3  
21,410 3.05%, 11/25/2059   20,867
  Series 2025-NQM2 Class A1  
739,289 5.60%, 06/25/2070   742,173
1,058,000 ELM Trust(b)(e)
Series 2024-ELM Class A10
5.41%,  06/10/2039   		1,060,087
  Extended Stay America Trust(b)(c)  
  Series 2025-ESH Class C  
105,000 5.52%, 10/15/2042
1-mo. SOFR + 1.85% 		105,164
  Series 2025-ESH Class D  
105,000 6.27%, 10/15/2042
1-mo. SOFR + 2.60% 		105,131
  Series 2025-ESH Class E  
120,000 7.02%, 10/15/2042
1-mo. SOFR + 3.35% 		120,150
  Series 2026-ESH2 Class C  
138,695 5.27%, 02/15/2043
1-mo. SOFR + 1.60% 		138,912
  Series 2026-ESH2 Class D  
312,064 5.92%, 02/15/2043
1-mo. SOFR + 2.25% 		312,747
  Series 2026-ESH2 Class E  
302,157 6.57%, 02/15/2043
1-mo. SOFR + 2.90% 		302,818
1,575,000 Fashion Show Mall LLC(b)(e)
Series 2024-SHOW Class A
4.76%,  10/10/2041   		1,584,461
820,000 Fontainebleau Miami Beach Mortgage Trust(b)(c)
Series 2024-FBLU Class A
5.12%,  12/15/2039
1-mo. SOFR + 1.45% 		819,744
73,251 GCAT Trust(b)(e)
Series 2019-RPL1 Class A1
2.65%,  10/25/2068   		71,537
975,076 GITSIT Mortgage Loan Trust(b)(d)
Series 2025-NPL2 Class A1
5.42%,  12/25/2055   		968,584
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  GS Mortgage Securities Trust(e)  
  Series 2013-G1 Class B  
     63,492 3.72%, 04/10/2031(b)   $       63,369
  Series 2013-PEMB Class A  
    130,000 3.55%, 03/05/2033(b)         100,763
  Series 2013-PEMB Class D  
    430,000 3.55%, 03/05/2033(b)           2,150
  Series 2014-GC22 Class B  
200,000 4.39%, 06/10/2047   163,142
1,355,000 Houston Galleria Mall Trust(b)(e)
Series 2025-HGLR Class A
5.46%,  02/05/2045   		1,384,768
1,790,000 Hudson Yards Mortgage Trust(b)(e)
Series 2025-SPRL Class A
5.47%,  01/13/2040   		1,831,649
1,323,425 Imperial Fund Mortgage Trust(b)(d)
Series 2022-NQM3 Class A1
4.38%,  05/25/2067   		1,318,939
1,400,000 IRV Trust(b)(e)
Series 2025-200P Class B
5.44%,  03/14/2047   		1,391,682
  JPMorgan Chase Commercial Mortgage Securities Trust(b)  
  Series 2012-LC9 Class C  
134,506 3.50%, 12/15/2047(e)   131,813
  Series 2024-OMNI Class A  
1,535,000 5.80%, 10/05/2039(e)   1,548,998
  Series 2025-BMS Class A  
400,000 5.27%, 01/15/2042(c)
1-mo. SOFR + 1.60% 		399,000
  Series 2025-BMS Class B  
300,000 5.67%, 01/15/2042(c)
1-mo. SOFR + 2.00% 		299,250
  JPMorgan Mortgage Trust(b)(e)  
  Series 2017-4 Class A13  
1,597,645 3.50%, 11/25/2048   1,455,711
  Series 2025-NQM2 Class A1  
964,150 5.57%, 09/25/2065   967,956
789,327 JPMorgan Seasoned Mortgage Trust(b)(e)
Series 2024-1 Class A4
4.34%,  01/25/2063   		771,746
  Legacy Mortgage Asset Trust(b)  
  Series 2020-RPL1 Class A2  
200,000 3.25%, 09/25/2059(e)   180,209
  Series 2021-GS4 Class A1  
79,509 5.65%, 11/25/2060(d)   79,558
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
200,000 LEX Mortgage Trust(b)(e)
Series 2024-BBG Class A
4.87%,  10/13/2033   		$      199,154
900,000 MetLife Securitization Trust(b)(e)
Series 2017-1A Class M1
3.35%,  04/25/2055   		      815,794
  MFRA Trust(b)(d)  
  Series 2022-INV1 Class A1  
    744,146 4.91%, 04/25/2066         735,295
  Series 2022-INV2 Class A1  
    996,983 4.95%, 07/25/2057         994,218
  Series 2022-NQM2 Class A1  
232,054 4.00%, 05/25/2067   227,410
  Series 2024-NPL1 Class A1  
451,161 6.33%, 09/25/2054   451,718
  Series 2024-NQM2 Class A1  
943,034 5.27%, 08/25/2069   942,249
  Mill City Mortgage Loan Trust(b)(e)  
  Series 2019-1 Class M2  
603,888 3.50%, 10/25/2069   559,914
  Series 2019-GS1 Class A1  
71,039 2.75%, 07/25/2059   69,871
1,225,000 MIRA Trust(b)
Series 2023-MILE Class A
6.75%,  06/10/2038   		1,257,467
  Morgan Stanley BAML Trust  
  Series 2012-CKSV Class A2  
80,187 3.28%, 10/15/2030(b)   76,578
  Series 2013-C11 Class B  
80,000 3.89%, 08/15/2046(e)   49,598
  Series 2013-C12 Class C  
12,917 4.60%, 10/15/2046(e)   12,497
1,922,000 MSSG Trust(b)
Series 2017-237P Class A
3.40%,  09/13/2039   		1,836,335
  New Residential Mortgage Loan Trust(b)  
  Series 2017-2A Class A3  
877,580 4.00%, 03/25/2057(e)   850,593
  Series 2021-NQ2R Class A1  
201,779 0.94%, 10/25/2058(e)   193,978
  Series 2022-NQM2 Class A1  
2,298,088 3.85%, 03/27/2062(e)   2,168,429
  Series 2024-RTL1 Class A1  
615,000 6.66%, 03/25/2039(d)   615,513
  Series 2026-INV2 Class A1  
1,300,000 5.48%, 04/25/2061(e)   1,302,085
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2026-NQM3 Class A1  
  1,001,356 4.83%, 02/25/2066(e)   $      991,880
  New York Mortgage Trust(b)  
  Series 2022-CP1 Class A1  
  1,861,704 2.04%, 07/25/2061       1,749,144
  Series 2024-BPL2 Class A1  
    700,000 6.51%, 05/25/2039(d)         702,885
  Series 2024-BPL3 Class A1  
279,920 5.27%, 09/25/2039(d)   279,865
  Series 2024-CP1 Class A1  
1,696,944 3.75%, 02/25/2068(e)   1,569,757
  NYC Commercial Mortgage Trust(b)(e)  
  Series 2025-299P Class A  
1,280,000 5.66%, 02/10/2047   1,326,497
  Series 2025-300P Class A  
2,155,000 4.88%, 07/13/2042   2,142,112
  Onslow Bay Financial LLC(b)  
  Series 2023-NQM5 Class A1A  
544,704 6.57%, 06/25/2063(d)   544,886
  Series 2024-HYB2 Class A1  
611,911 3.70%, 04/25/2053(e)   609,059
  Series 2024-NQM9 Class A1  
675,463 6.03%, 01/25/2064(d)   680,371
44,447 Palisades Mortgage Loan Trust(b)(d)
Series 2021-RTL1 Class A1
3.49%,  06/25/2026   		44,417
  PMT Loan Trust(b)(e)  
  Series 2024-INV2 Class A1  
695,657 6.00%, 12/25/2059   703,049
  Series 2025-INV7 Class A7  
1,207,931 6.00%, 06/25/2056   1,219,234
  Preston Ridge Partners Mortgage Trust(b)(d)  
  Series 2024-7 Class A1  
221,808 5.87%, 11/25/2029   221,889
  Series 2025-2 Class A1  
202,021 6.47%, 05/25/2030   201,544
  Series 2025-8 Class A1  
714,158 5.39%, 10/25/2030   710,933
  Series 2026-1 Class A1  
509,853 5.19%, 02/25/2031   504,470
  Series 2026-2 Class A1  
539,181 5.09%, 02/25/2031   538,198
  Pretium Mortgage Credit Partners(b)  
  Series 2024-RPL1 Class A1  
1,390,988 3.90%, 10/25/2063(e)   1,327,299
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Series 2025-NPL3 Class A1  
    402,604 6.71%, 04/25/2055(d)   $      402,986
  Series 2025-NPL6 Class A1  
    377,593 5.74%, 06/25/2055(d)         378,174
  Series 2025-NPL8 Class A1  
    999,163 5.73%, 08/25/2055(d)       1,001,272
  Series 2026-NPL1 Class A1  
131,563 5.18%, 01/25/2056(d)   130,498
  Series 2026-NPL2 Class A1  
1,143,282 5.15%, 02/25/2056(d)   1,134,284
  Series 2026-NPL3 Class A1  
1,435,096 4.97%, 02/25/2056(d)   1,423,331
  Series 2026-NPL4 Class A1  
695,000 5.51%, 04/25/2056(d)   692,450
93,812 RCKT Mortgage Trust(b)(e)
Series 2020-1 Class A1
3.00%,  02/25/2050   		81,953
  RCO IX Mortgage LLC(b)(d)  
  Series 2025-2 Class A1  
1,117,775 6.51%, 04/25/2030   1,119,275
  Series 2025-4 Class A1  
1,143,461 5.31%, 10/25/2030   1,142,567
483,769 RCO VIII Mortgage LLC(b)(d)
Series 2025-3 Class A1
6.43%,  05/25/2030   		484,266
2,460,000 RCO X Mortgage LLC(b)(d)
Series 2026-1 Class A1
5.54%,  03/25/2031   		2,452,373
1,415,000 RFR Trust(b)(e)
Series 2025-SGRM Class A
5.38%,  03/11/2041   		1,431,690
1,410,000 RIDE(b)(e)
Series 2025-SHRE Class C
5.71%,  02/14/2047   		1,433,733
815,000 ROC Mortgage Trust(b)(d)
Series 2024-RTL1 Class A1
5.59%,  10/25/2039   		816,134
  ROCK Trust(b)  
  Series 2024-CNTR Class A  
970,000 5.39%, 11/13/2041   986,090
  Series 2024-CNTR Class C  
1,135,000 6.47%, 11/13/2041   1,169,575
190,000 TCO Commercial Mortgage Trust(b)(c)
Series 2024-DPM Class A
4.92%,  12/15/2039
1-mo. SOFR + 1.24% 		189,703
Principal Amount(a)   Fair Value
Non-Agency — (continued)
102,006 Toorak Mortgage Trust(b)(d)
Series 2024-RRTL1 Class A1
6.60%,  02/25/2039   		$      102,073
  Towd Point Mortgage Trust(b)  
  Series 2016-4 Class B1  
    615,000 3.91%, 07/25/2056(e)         597,503
  Series 2017-1 Class M1  
    620,562 3.75%, 10/25/2056(e)         613,209
  Series 2017-4 Class A2  
1,241,583 3.00%, 06/25/2057(e)   1,184,640
  Series 2017-4 Class M2  
325,000 3.25%, 06/25/2057(e)   286,016
  Series 2018-5 Class M1  
170,000 3.25%, 07/25/2058(e)   145,257
  Series 2018-6 Class A2  
1,590,000 3.75%, 03/25/2058(e)   1,466,606
  Series 2019-2 Class A2  
1,950,000 3.75%, 12/25/2058(e)   1,763,587
  Series 2019-2 Class M1  
945,000 3.75%, 12/25/2058(e)   816,705
  Series 2019-4 Class A1  
128,820 2.90%, 10/25/2059(e)   123,816
  Series 2019-4 Class A2  
1,535,000 3.25%, 10/25/2059(e)   1,403,187
  Series 2019-HY2 Class M1  
925,000 5.39%, 05/25/2058(c)
1-mo. SOFR + 1.71% 		925,741
  Series 2021-1 Class A2  
1,050,000 2.75%, 11/25/2061(e)   900,427
  TVC Mortgage Trust(b)(d)  
  Series 2024-RRTL1 Class A1  
850,000 5.55%, 07/25/2039   851,752
  Series 2026-RRTL1 Class A1  
105,000 4.96%, 02/25/2041   104,476
  Series 2026-RRTL1 Class A2  
100,000 5.32%, 02/25/2041   99,285
  VCAT LLC(b)(d)  
  Series 2025-NPL3 Class A1  
684,832 5.89%, 02/25/2055   685,682
  Series 2026-NPL1 Class A1  
438,580 5.10%, 01/25/2056   436,127
  Series 2026-NPL2 Class A1  
1,410,134 5.06%, 02/25/2056   1,403,783
  Verus Securitization Trust(b)(d)  
  Series 2023-8 Class A1  
398,480 6.26%, 12/25/2068   400,416
  Series 2025-7 Class A1  
647,896 5.13%, 08/25/2070   647,114
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount(a)   Fair Value
Non-Agency — (continued)
  Visio Trust(b)  
  Series 2019-2 Class A1  
      6,711 2.72%, 11/25/2054(e)   $        6,685
  Series 2020-1R Class A1  
    350,405 1.31%, 11/25/2055         340,452
  Series 2020-1R Class A2  
     40,753 1.57%, 11/25/2055          39,537
  Series 2022-1 Class A2  
636,203 5.85%, 08/25/2057(d)   634,877
135,000 Wells Fargo Commercial Mortgage Trust(e)
Series 2016-C36 Class B
3.67%,  11/15/2059   		127,968
  WFRBS Commercial Mortgage Trust  
  Series 2013-C15 Class B  
189,494 4.15%, 08/15/2046(e)   184,188
  Series 2014-C20 Class B  
121,709 4.38%, 05/15/2047   105,275
    114,807,100
U.S. Government Agency — 5.57%
  Federal Home Loan Mortgage Corp  
2,037,815 5.50%, 12/01/2052   2,054,060
1,620,277 5.50%, 01/01/2053   1,634,391
2,914,751 4.50%, 08/01/2053   2,835,524
4,776,971 5.00%, 12/01/2053   4,723,394
4,885,191 6.00%, 10/01/2054   4,989,867
5,339,331 6.00%, 12/01/2054   5,442,739
10,386,998 5.00%, 01/01/2055   10,251,568
11,768,730 5.50%, 01/01/2055 11,828,036
3,472,597 5.00%, 03/01/2055   3,427,410
3,584,255 5.50%, 10/01/2055   3,608,661
  Federal National Mortgage Association  
4,001,345 3.00%, 05/01/2051   3,521,588
1,311,701 5.00%, 10/01/2052   1,300,624
1,887,697 4.50%, 11/01/2052   1,829,275
895,554 5.00%, 11/01/2052   887,577
4,523,598 4.00%, 03/01/2053   4,277,676
1,043,662 5.50%, 07/01/2053   1,051,850
1,500,960 4.50%, 08/01/2053   1,453,499
2,435,265 5.50%, 08/01/2053   2,455,734
4,483,107 6.00%, 10/01/2053   4,588,718
2,128,437 6.00%, 08/01/2054   2,170,717
3,305,490 6.00%, 01/01/2055 3,374,029
1,329,633 4.00%, 03/01/2055   1,259,383
    78,966,320
TOTAL MORTGAGE-BACKED SECURITIES — 13.68%
(Cost $195,101,298) 		$193,773,420
Principal Amount(a)   Fair Value
MUNICIPAL BONDS AND NOTES
1,085,000 Tobacco Settlement Financing Corp
Series A-1, RB
6.71%, 06/01/2046
$      845,089
TOTAL MUNICIPAL BONDS AND NOTES — 0.06%
(Cost $1,081,469) 		$845,089
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
35,945,000 4.00%, 03/31/2030(m)    36,074,178
1,705,000 3.88%, 07/31/2030     1,702,136
88,482,000 3.50%, 11/30/2030    86,854,072
6,115,000 4.25%, 02/15/2054 5,477,702
4,000,000 4.63%, 05/15/2054 3,813,906
5,850,000 4.50%, 11/15/2054 5,465,180
8,915,000 4.63%, 02/15/2055 8,503,029
TOTAL U.S. TREASURY BONDS AND NOTES — 10.44%
(Cost $149,343,633) 		$147,890,203
Shares    
COMMON STOCK
Communications — 0.02%
11,711 Altice France SA(n) 192,891
95,643 Optimum Communications Inc Class A(n) 124,336
    317,227
Consumer, Non-Cyclical — 0.10%
24,250 BioMarin Pharmaceutical Inc(n) 1,369,882
5,681 Lannett Co Inc(n)(o) 6,309
662 Rising Tide Holdings Inc(n) 1,490
    1,377,681
Financial — 0.00%(p)
1,200 Country Garden Holdings Co Ltd(n) 49
92,058 Kaisa Group Holdings Ltd(n) 1,045
5,787 Modivcare Inc(n) 31,829
650 NMG Parent LLC(n)(o) 1,300
27,229 Sunac China Holdings Ltd(n) 3,699
88,317 Times China Holdings Ltd(n) 835
54,029 Yuzhou Group Holdings Co Ltd(n) 1,096
    39,853
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Shares   Fair Value
Industrial — 0.01%
67,239 Kloeckner Pentaplast of America(n) $       91,319
TOTAL COMMON STOCK — 0.13%
(Cost $4,024,424) 		$1,826,080
CONVERTIBLE PREFERRED STOCK
Basic Materials — 0.01%
1,200 Albemarle Corp 7.25%        85,859
Financial — 0.06%
909,000 Charles Schwab Corp Series H 4.00%       840,859
Technology — 0.00%(p)
1,850 Oracle Corp 6.50% 85,045
TOTAL CONVERTIBLE PREFERRED STOCK — 0.07%
(Cost $990,355) 		$1,011,763
PREFERRED STOCK
Financial — 0.01%
1,150 Apollo Global Management Inc 67,503
Utilities — 0.02%
6,616 PG&E Corp 285,487
TOTAL PREFERRED STOCK — 0.03%
(Cost $356,494) 		$352,990
RIGHTS
Communications — 0.00%(p)
342 Altice France SA(n) 4,941
TOTAL RIGHTS — 0.00%(p)
(Cost $17,726) 		$4,941
Shares   Fair Value
GOVERNMENT MONEY MARKET MUTUAL FUNDS
17,685,501 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(q), 3.60%(r) $   17,685,501
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 1.25%
(Cost $17,685,501) 		$17,685,501
Principal Amount    
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.73%
  U.S. Treasury Bills(k)  
3,508,000 3.56%, 07/02/2026
    3,476,372
6,962,000 3.57%, 07/16/2026
6,889,519
TOTAL SHORT TERM INVESTMENTS — 0.73%
(Cost $10,365,891) 		$10,365,891
TOTAL INVESTMENTS — 98.92%
(Cost $1,411,930,083) 		$1,401,098,656
OTHER ASSETS & LIABILITIES, NET — 1.08% $15,278,676
TOTAL NET ASSETS — 100.00% $1,416,377,332
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
(a)  Amount is stated in U.S. dollars unless otherwise noted.
(b)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $614,594,975, representing 43.39% of net assets.
(c)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(d)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield as of March 31, 2026. Maturity date disclosed represents final maturity date.
(e)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(f)  All or a portion of this position has not settled as of March 31, 2026. The interest rate shown represents the stated spread over the Secured Overnight Financing Rate ("SOFR") or the applicable SOFR floor; the Fund will not accrue interest until the settlement date, at which point the SOFR will be established.
(g)  All or a portion of the security is on loan as of March 31, 2026.
(h)  Security is a payment-in-kind bond (PIK); income may be received in cash or additional securities at the discretion of the issuer.
(i)  Security in default.
(j)  Security has no contractual maturity date and pays an indefinite stream of interest.
(k)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
(l)  Principal amount is stated in 100 Mexican Peso Units.
(m)  All or a portion of the security has been segregated to cover initial margin requirements on open futures contracts.
(n)  Non-income producing security.
(o)  Security is fair valued using significant unobservable inputs.
(p)  Represents less than 0.005% of net assets.
(q)  Collateral received for securities on loan.
(r)  Rate shown is the 7-day yield as of March 31, 2026.
LP  Limited Partnership
RB  Revenue Bonds
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
Appreciation/
(Depreciation)
Long          
U.S. 10 Year Treasury Note Futures 201 USD 22,320 Jun 2026 $(435,177)
U.S. 5 Year Treasury Note Futures 4,358 USD 471,447 Jun 2026 (6,731,488)
Short          
U.S. 10 Year Treasury Ultra Futures 1,397 USD 158,581 Jun 2026 3,557,810
U.S. 2 Year Treasury Note Futures 32 USD 6,638 Jun 2026 48,128
U.S. Long Bond Futures 84 USD 9,566 Jun 2026 314,904
U.S. Ultra Bond Futures 152 USD 17,718 Jun 2026 423,276
        Net Depreciation $(2,822,547)
As of March 31, 2026 the Fund held the following over-the-counter ("OTC") forward foreign currency contracts:
Counterparty Currency
Purchased 		Quantity of
Currency
Purchased 		Currency
Sold 		Quantity of
Currency
Sold 		Settlement Date Net
Unrealized
Appreciation
BA USD 1,264,001 EUR 1,086,000 06/17/2026 $4,125
          Net Appreciation $4,125
             
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER MULTI-SECTOR BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following outstanding centrally cleared credit default swaps:
Reference
Obligation 		Notional Amount
(000)(a)
Value 		  Upfront
Payments/
Receipts 		Fixed
Deal
Pay/Receive
Rate 		Maturity
Date 		Net Unrealized
Appreciation 		Implied
Credit
Spread(b) 		Receive
Frequency 		Pay
Frequency
Sell Credit Protection                      
CDX.NA.HY.46-V1(c) USD 6,840 $327,942   $267,008 5.00% 06/20/2031 $60,934 3.86% Quarterly -
      $327,942   $267,008   Net Appreciation $60,934      
(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(b) Implied credit spreads, represented in absolute terms, are utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
(c) Based on an index of North American high yield bonds with investment grade credit ratings that trade in the credit default swap market.
Abbreviations  
BA Bank of America Corp
Currency Abbreviations  
BRL Brazilian Real
CAD Canadian Dollar
CZK Czech Koruna
EUR Euro Dollar
MXN Mexican Peso
MYR Malaysian Ringgit
TRY Turkish Lira
USD U.S. Dollar
UYU Uruguayan Peso
ZAR South African Rand
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 8.96%
$   250,000 Allegro XII Ltd(a)(b)
Series 2020-1A Class A1R
5.11%, 07/21/2037
3-mo. SOFR + 1.44% 		$    250,174
   550,000 AmeriCredit Automobile Receivables Trust
Series 2023-2 Class C
6.00%, 07/18/2029   		    561,889
   274,624 Angel Oak Mortgage Trust (a)(b)
Series 2025-HB1 Class A1
5.46%, 02/25/2055
1-mo. SOFR + 1.80% 		    275,643
   700,000 Bain Capital Credit Ltd(a)(b)
Series 2022-2A Class A1R
4.82%, 04/22/2035
3-mo. SOFR + 1.15% 		    699,166
  Bank of America Auto Trust(a)  
  Series 2023-2A Class A4  
351,000 5.66%, 11/15/2029   355,857
  Series 2024-1A Class A3  
358,030 5.35%, 11/15/2028   360,415
499,089 Battalion X Ltd(a)(b)
Series 2016-10A Class A1R3
4.81%, 01/24/2035
3-mo. SOFR + 1.14% 		498,839
  Birch Grove Ltd(a)(b)  
  Series 2021-2A Class A1R  
400,000 5.07%, 10/19/2037
3-mo. SOFR + 1.40% 		399,812
  Series 2024-8A Class A1  
600,000 5.30%, 04/20/2037
3-mo. SOFR + 1.63% 		600,240
555,987 BRAVO Residential Funding Trust(a)(b)
Series 2025-HE1 Class A1
5.01%, 09/25/2072
1-mo. SOFR + 1.35% 		556,226
765,000 Capital One Prime Auto Receivables Trust
Series 2025-1 Class A3
3.85%, 07/15/2030   		761,088
  Carmax Auto Owner Trust  
  Series 2025-2 Class A2A  
852,651 4.59%, 07/17/2028   854,196
  Series 2026-1 Class A2A  
645,000 3.87%, 04/16/2029   643,889
  Series 2026-1 Class A3  
516,000 4.04%, 03/17/2031   514,178
1,540,000 Cathedral Lake VIII Ltd(a)(b)
Series 2021-8A Class A1R
4.80%, 01/20/2035
3-mo. SOFR + 1.13% 		1,538,628
48,724 CCG Receivables Trust(a)
Series 2023-1 Class A2
5.82%, 09/16/2030   		48,839
  Chase Auto Owner Trust(a)  
  Series 2024-1A Class A3  
537,464 5.13%, 05/25/2029   541,461
  Series 2025-1A Class A3  
822,000 4.29%, 06/25/2030   823,694
Principal Amount   Fair Value
Non-Agency — (continued)
$ 1,370,000 CIFC Funding I Ltd(a)(b)
Series 2020-1A Class A1R
5.08%, 07/15/2036
3-mo. SOFR + 1.41% 		$  1,369,755
   200,107 Citizens Auto Receivables Trust(a)
Series 2024-1 Class A3
5.11%, 04/17/2028   		    200,891
   692,000 Corporate One Auto Receivables Trust(a)
Series 2026-1A Class A2
4.13%, 09/15/2028   		    691,144
  Elevation Ltd(a)(b)  
  Series 2018-10A Class AR  
     1,054 4.59%, 10/20/2031
3-mo. SOFR + 0.92% 		      1,054
  Series 2021-13A Class A1R  
500,000 4.73%, 07/15/2034
3-mo. SOFR + 1.06% 		499,548
  Elmwood Ltd(a)(b)  
  Series 2019-3A Class A1RR  
650,000 5.05%, 07/18/2037
3-mo. SOFR + 1.38% 		649,718
  Series 2024-3A Class A  
800,000 5.19%, 04/18/2037
3-mo. SOFR + 1.52% 		800,079
  Series 2024-9RA Class AR  
500,000 5.05%, 10/21/2037
3-mo. SOFR + 1.38% 		500,020
139,219 FIGRE Trust(a)(c)
Series 2025-FL2 Class A1
5.05%, 11/25/2055   		138,409
  Ford Credit Auto Owner Trust  
  Series 2022-C Class A4  
194,510 4.59%, 12/15/2027   194,689
  Series 2024-A Class A3  
1,627,510 5.09%, 12/15/2028   1,638,647
  GM Financial Consumer Automobile Receivables Trust  
  Series 2022-3 Class A4  
696,502 3.71%, 12/16/2027   696,020
  Series 2024-1 Class A3  
386,342 4.85%, 12/18/2028   387,840
728,000 GM Financial Revolving Receivables Trust(a)
Series 2024-1 Class A
4.98%, 12/11/2036   		741,519
  GoldenTree Loan Management US Ltd(a)(b)  
  Series 2021-11A Class AR  
2,000,000 4.75%, 10/20/2034
3-mo. SOFR + 1.08% 		1,998,334
  Series 2021-9A Class AR  
500,000 5.17%, 04/20/2037
3-mo. SOFR + 1.50% 		500,000
178,599 GS Mortgage-Backed Securities Trust(a)(c)
Series 2025-CES2 Class A1
5.18%, 09/25/2055   		178,003
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$   800,000 HalseyPoint Ltd(a)(b)
Series 2021-4A Class A
5.15%, 04/20/2034
3-mo. SOFR + 1.48% 		$    799,292
 1,165,000 Harley-Davidson Motorcycle Trust
Series 2025-A Class A3
4.67%, 04/15/2030   		  1,173,171
  Honda Auto Receivables Owner Trust  
  Series 2023-2 Class A3  
   234,680 4.93%, 11/15/2027       235,260
  Series 2025-4 Class A2A  
 1,587,000 4.04%, 06/15/2028     1,587,854
  Series 2026-1 Class A2A  
2,335,000 3.71%, 09/21/2028   2,326,997
  Hyundai Auto Receivables Trust  
  Series 2024-A Class A3  
505,965 4.99%, 02/15/2029   508,892
  Series 2024-C Class A3  
368,000 4.41%, 05/15/2029   369,319
  Series 2025-B Class A3  
587,000 4.36%, 12/17/2029   589,215
  Series 2025-C Class A2B  
1,687,000 4.02%, 07/17/2028(b)
1-mo. SOFR + 0.35% 		1,686,364
  Series 2026-A Class A2B  
1,452,000 4.01%, 02/15/2029(b)
1-mo. SOFR + 0.34% 		1,450,898
  JPMorgan Mortgage Trust(a)  
  Series 2023-HE2 Class A1  
252,925 5.37%, 03/20/2054(b)
1-mo. SOFR + 1.70% 		253,391
  Series 2024-CES1 Class A1A  
213,090 5.92%, 06/25/2054(c)   214,052
1,100,000 Madison Park Funding L Ltd(a)(b)
Series 2021-50A Class AR
4.63%, 04/19/2034
3-mo. SOFR + 0.97% 		1,097,559
610,000 Madison Park Funding XXX Ltd(a)(b)
Series 2018-30A Class A1R
5.03%, 07/16/2037
3-mo. SOFR + 1.36% 		610,383
500,000 Magnetite XL Ltd(a)(b)
Series 2024-40A Class A1
5.12%, 07/15/2037
3-mo. SOFR + 1.45% 		500,583
500,000 Neuberger Berman XVII Ltd(a)(b)
Series 2014-17A Class AR3
5.07%, 07/22/2038
3-mo. SOFR + 1.40% 		500,168
284,000 Nissan Auto Receivables Owner Trust
Series 2025-B Class A2A
4.00%, 07/17/2028   		284,068
Principal Amount   Fair Value
Non-Agency — (continued)
$   429,000 Oaktree Ltd(a)(b)
Series 2021-1A Class A1R
5.02%, 01/15/2038
3-mo. SOFR + 1.35% 		$    428,793
   332,000 OCCU Auto Receivables (a)
Series 2025-1A Class A3
4.81%, 11/15/2029   		    334,056
 2,780,000 Octagon Investment Partners Ltd(a)(b)
Series 2020-5A Class ARR
4.79%, 04/15/2037
3-mo. SOFR + 1.12% 		  2,761,488
   235,871 PK Alift Loan Funding LP(a)
Series 2025-2 Class A
4.75%, 03/15/2043   		    234,705
   500,000 Sandstone Peak III Ltd(a)(b)
Series 2024-1A Class A1
5.30%, 04/25/2037
3-mo. SOFR + 1.63% 		    500,316
  Santander Drive Auto Receivables Trust  
  Series 2023-4 Class B  
516,072 5.77%, 12/15/2028   519,479
  Series 2023-4 Class C  
300,000 6.04%, 12/15/2031   306,276
  Series 2023-3 Class B  
175,660 5.61%, 07/17/2028   175,996
500,000 Signal Peak Ltd(a)(b)
Series 2018-5A Class A!R
5.22%, 04/25/2037
3-mo. SOFR + 1.55% 		500,077
500,000 Sound Point XXVI Ltd(a)(b)
Series 2020-1A Class AR
5.10%, 07/20/2034
3-mo. SOFR + 1.43% 		499,439
500,000 Sound Point XXXII Ltd(a)(b)
Series 2021-4A Class AR
4.96%, 10/25/2034
3-mo. SOFR + 1.03% 		499,784
492,408 Symphony XXIII Ltd(a)(b)
Series 2020-23A Class AR2
4.57%, 01/15/2034
3-mo. SOFR + 0.90% 		492,218
3,075,000 TCW Ltd(a)(b)
Series 2020-1A Class A1R3
4.72%, 04/20/2034
3-mo. SOFR + 1.05% 		3,070,437
  Toyota Auto Receivables Owner Trust  
  Series 2023-B Class A3  
127,023 4.71%, 02/15/2028   127,387
  Series 2024-A Class A3  
854,035 4.83%, 10/16/2028   857,720
  Series 2025-D Class A2B  
971,000 3.99%, 08/15/2028(b)
1-mo. SOFR + 0.32% 		971,195
  Series 2026-A Class A3  
462,000 3.86%, 09/16/2030   458,942
704,463 Volkswagen Auto Loan Enhanced Trust
Series 2025-1 Class A2A
4.51%, 01/20/2028   		705,472
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$   327,292 Voya Ltd(a)(b)
Series 2019-3A Class AR
5.01%, 10/17/2032
3-mo. SOFR + 1.34% 		$    327,995
   400,000 Wise Ltd(a)(b)
Series 2024-2A Class A
5.13%, 07/15/2037
3-mo. SOFR + 1.46% 		    399,807
 1,069,000 World Omni Auto Receivables Trust
Series 2026-A Class A3
3.86%, 05/15/2031   		  1,059,939
   360,000 Zais Ltd(a)(b)
Series 2020-16A Class A1R2
4.80%, 10/20/2034
3-mo. SOFR + 1.13% 		    358,421
TOTAL ASSET-BACKED SECURITIES — 8.96%
(Cost $51,294,012) 		$51,247,312
CORPORATE BONDS AND NOTES
Basic Materials — 0.66%
615,000 Anglo American Capital PLC(a)
4.63%, 03/19/2031
607,959
558,000 Celanese US Holdings LLC(d)
1.40%, 08/05/2026
550,015
  Georgia-Pacific LLC(a)  
314,000 4.40%, 06/30/2028 314,361
1,235,000 2.30%, 04/30/2030(d) 1,132,755
706,000 Glencore Funding LLC(a)
6.13%, 10/06/2028
730,651
429,000 Rio Tinto Finance USA PLC
4.88%, 03/14/2030
435,716
    3,771,457
Communications — 3.31%
250,000 Airbnb Inc
4.65%, 03/16/2031
249,437
  Alphabet Inc  
755,000 4.10%, 11/15/2030 749,854
630,000 4.10%, 02/15/2031 625,622
  Amazon.com Inc  
340,000 4.10%, 11/20/2030 336,016
525,000 4.25%, 03/13/2031 521,131
  CCO Holdings LLC / CCO Holdings Capital Corp(a)  
98,000 5.13%, 05/01/2027 97,889
1,325,000 5.00%, 02/01/2028 1,314,122
1,855,000 Charter Communications Operating LLC / Charter Communications Operating Capital
4.20%, 03/15/2028
1,838,799
1,220,000 Cipher Compute LLC(a)
7.13%, 11/15/2030
1,263,955
500,000 Cox Communications Inc
6.80%, 08/01/2028
520,171
Principal Amount   Fair Value
Communications — (continued)
$ 1,255,000 Meta Platforms Inc
4.20%, 11/15/2030
$  1,242,822
  Motorola Solutions Inc  
   448,000 4.85%, 08/15/2030     451,117
   390,000 2.30%, 11/15/2030     351,527
 3,080,000 Netflix Inc(a)
5.38%, 11/15/2029
  3,180,921
   495,000 Omnicom Group Inc
4.20%, 03/02/2029
    489,749
  Paramount Global  
220,000 3.70%, 06/01/2028 212,843
73,000 4.20%, 06/01/2029 69,709
1,159,000 Rogers Communications Inc
5.00%, 02/15/2029
1,170,956
3,650,000 Sprint Capital Corp
6.88%, 11/15/2028
3,859,177
385,000 SV RNO Property Owner 1 LLC(a)
5.88%, 03/01/2031
380,570
    18,926,387
Consumer, Cyclical — 5.20%
1,695,000 7-Eleven Inc(a)
1.30%, 02/10/2028
1,598,848
883,000 Alimentation Couche-Tard Inc(a)
3.55%, 07/26/2027
872,806
1,029,000 AS Mileage Plan IP Ltd(a)
5.02%, 10/20/2029
1,018,598
614,000 Brunswick Corp
2.40%, 08/18/2031
532,403
  Carnival Corp(a)  
3,005,000 4.00%, 08/01/2028 2,934,316
715,000 5.13%, 05/01/2029 709,839
1,562,000 5.75%, 03/15/2030 1,574,390
4,085,000 Dick's Sporting Goods Inc(a)
4.00%, 10/01/2029
3,974,796
2,193,000 DR Horton Inc
1.30%, 10/15/2026
2,160,894
  General Motors Financial Co Inc  
1,656,000 1.50%, 06/10/2026 1,646,343
2,470,000 5.40%, 05/08/2027 2,491,750
170,000 4.20%, 10/27/2028 168,249
1,190,000 Hasbro Inc
4.65%, 03/12/2031
1,175,149
  Hyatt Hotels Corp  
1,236,000 5.75%, 01/30/2027 1,246,824
574,000 5.05%, 03/30/2028 578,772
  Hyundai Capital America(a)  
3,908,000 5.30%, 01/08/2029 3,961,485
356,000 5.35%, 03/19/2029 362,513
578,000 Las Vegas Sands Corp
3.50%, 08/18/2026
574,929
335,000 Marriott International Inc
4.00%, 04/15/2028
332,269
449,000 Tapestry Inc
5.10%, 03/11/2030
453,663
  Toll Brothers Finance Corp  
80,000 4.35%, 02/15/2028 79,657
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Consumer, Cyclical — (continued)
$   583,000 3.80%, 11/01/2029 $    567,106
   345,000 United Airlines Inc(a)
4.63%, 04/15/2029
    338,488
   438,000 Walmart Inc(d)
4.35%, 04/28/2030
    442,204
    29,796,291
Consumer, Non-Cyclical — 8.63%
   950,000 AbbVie Inc
4.13%, 03/15/2031
    936,215
  Amgen Inc  
1,329,000 5.15%, 03/02/2028 1,348,476
655,000 5.25%, 03/02/2030 672,577
  Ashtead Capital Inc(a)  
1,120,000 1.50%, 08/12/2026 1,107,306
1,235,000 4.38%, 08/15/2027 1,227,805
  BAT Capital Corp  
5,175,000 4.91%, 04/02/2030 5,230,898
480,000 6.34%, 08/02/2030 512,390
655,000 Biogen Inc
2.25%, 05/01/2030
598,296
2,902,000 Block Inc
2.75%, 06/01/2026
2,888,769
162,000 Bunge Ltd Finance Corp
3.20%, 04/21/2031
151,097
  CVS Health Corp  
2,974,000 5.40%, 06/01/2029 3,044,573
210,000 1.88%, 02/28/2031 183,345
  GE HealthCare Technologies Inc  
275,000 4.15%, 12/15/2028 273,204
149,000 4.80%, 08/14/2029 150,354
1,365,000 Haleon US Capital LLC
3.38%, 03/24/2027
1,351,652
  HCA Inc  
1,653,000 3.13%, 03/15/2027 1,631,766
828,000 5.20%, 06/01/2028 840,457
  Icon Investments Six Designated Activity Co  
275,000 5.81%, 05/08/2027 276,391
200,000 5.85%, 05/08/2029 203,923
1,073,000 Illumina Inc
4.65%, 09/09/2026
1,073,132
800,000 IQVIA Inc
5.70%, 05/15/2028
815,487
1,395,000 JBS NV / JBS USA Foods Group Holdings Inc / JBS USA Food Co Holdings
3.00%, 02/02/2029
1,338,101
71,000 Kellanova
7.45%, 04/01/2031
80,059
840,000 Keurig Dr Pepper Inc
2.25%, 03/15/2031
741,982
  Mars Inc(a)  
2,680,000 4.60%, 03/01/2028 2,696,150
2,015,000 4.80%, 03/01/2030 2,036,206
37,000 4.65%, 04/20/2031 37,258
200,000 McCormick & Co Inc
4.15%, 02/15/2029
198,059
Principal Amount   Fair Value
Consumer, Non-Cyclical — (continued)
$ 4,130,000 Medline Borrower LP(a)
3.88%, 04/01/2029
$  3,995,205
 3,310,000 Mondelez International Holdings Netherlands BV(a)
1.25%, 09/24/2026
  3,264,136
  Novartis Capital Corp  
 1,095,000 4.10%, 11/05/2030   1,082,803
   970,000 4.40%, 03/18/2031     969,792
  Philip Morris International Inc  
   899,000 4.88%, 02/13/2029     912,388
814,000 4.63%, 11/01/2029 821,162
1,115,000 5.13%, 02/15/2030 1,137,680
465,000 4.00%, 10/29/2030 455,147
1,310,000 Regeneron Pharmaceuticals Inc
1.75%, 09/15/2030
1,161,133
  Royalty Pharma PLC  
825,000 2.20%, 09/02/2030 743,063
1,090,000 4.45%, 03/25/2031 1,075,569
655,000 S&P Global Inc
2.50%, 12/01/2029
614,992
1,500,000 Teva Pharmaceutical Finance Netherlands III BV
6.75%, 03/01/2028
1,537,365
    49,416,363
Energy — 1.62%
1,512,000 Cheniere Energy Partners LP
4.50%, 10/01/2029
1,505,386
1,310,000 Coterra Energy Operating Co
3.90%, 05/15/2027
1,294,280
627,000 Diamondback Energy Inc
5.15%, 01/30/2030
639,765
683,000 Enbridge Inc
1.60%, 10/04/2026
673,864
  Energy Transfer LP  
1,655,000 6.05%, 12/01/2026 1,670,236
16,000 5.25%, 07/01/2029 16,350
83,000 EQT Corp(a)
3.13%, 05/15/2026
82,833
827,000 ONEOK Inc
5.55%, 11/01/2026
831,793
  South Bow USA Infrastructure Holdings LLC  
764,000 4.91%, 09/01/2027 767,070
223,000 5.03%, 10/01/2029 224,437
275,000 Targa Resources Corp
4.35%, 04/15/2031
269,214
877,000 Venture Global Calcasieu Pass LLC(a)
6.25%, 01/15/2030
897,015
387,000 Viper Energy Partners LLC
4.90%, 08/01/2030
386,745
    9,258,988
Financial — 18.03%
1,150,000 ABN AMRO Bank NV(a)
6.34%, 09/18/2027
1,159,779
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$   665,000 AEGON Funding Co LLC(a)
5.50%, 04/16/2027
$    670,848
  AerCap Ireland Capital Designated Activity Co / AerCap Global Aviation Trust  
 3,082,000 2.45%, 10/29/2026   3,048,051
 1,157,000 6.10%, 01/15/2027   1,169,598
   150,000 4.13%, 02/28/2029     147,971
   708,000 Air Lease Corp
5.30%, 06/25/2026
    709,250
   774,000 Aircastle Ltd(a)
6.50%, 07/18/2028
    802,450
  American Express Co  
824,000 5.39%, 07/28/2027 826,174
841,000 5.10%, 02/16/2028 845,579
306,000 4.73%, 04/25/2029 307,934
  American Tower Corp REIT  
1,800,000 2.75%, 01/15/2027 1,777,139
220,000 4.90%, 03/15/2030 221,987
  Ares Capital Corp  
1,186,000 2.15%, 07/15/2026 1,176,187
658,000 7.00%, 01/15/2027 666,884
865,000 Arthur J Gallagher & Co
4.85%, 12/15/2029
874,241
3,690,000 Athene Global Funding(a)
1.73%, 10/02/2026
3,639,236
494,000 Aviation Capital Group LLC(a)
5.38%, 07/15/2029
501,736
593,000 Avolon Holdings Funding Ltd(a)
5.75%, 11/15/2029
607,611
1,200,000 Banco Bilbao Vizcaya Argentaria SA
5.38%, 03/13/2029
1,232,211
3,600,000 Banco Santander SA
1.72%, 09/14/2027
3,554,067
  Bank of America Corp  
2,095,000 8.05%, 06/15/2027 2,176,224
5,833,000 6.20%, 11/10/2028 5,992,202
440,000 Bank of New York Mellon Corp
4.73%, 04/20/2029
443,130
  Banque Federative du Credit Mutuel SA(a)  
1,390,000 1.60%, 10/04/2026 1,371,050
435,000 4.54%, 01/15/2031 428,983
320,000 Barclays PLC
5.37%, 02/25/2031
325,558
417,000 Blackstone Private Credit Fund
3.25%, 03/15/2027
406,571
2,440,000 Brown & Brown Inc
4.70%, 06/23/2028
2,447,061
  CaixaBank SA(a)  
435,000 4.63%, 07/03/2029 435,718
430,000 5.67%, 03/15/2030 441,791
  Capital One Financial Corp  
1,255,000 4.49%, 09/11/2031 1,232,240
1,200,000 4.72%, 01/30/2032 1,181,801
1,180,000 Citibank NA
4.91%, 05/29/2030
1,198,396
Principal Amount   Fair Value
Financial — (continued)
  Citigroup Inc  
$ 2,069,000 4.44%, 06/09/2027(b)
1-day SOFR + 0.77% 		$  2,069,999
 2,190,000 4.50%, 09/11/2031   2,165,108
 2,073,000 CNO Global Funding(a)
1.75%, 10/07/2026
  2,046,763
 1,319,000 Corebridge Financial Inc
3.65%, 04/05/2027
  1,307,040
   380,000 Credit Agricole SA(a)
5.34%, 01/10/2030
    386,803
 1,707,000 Crown Castle Inc REIT
4.90%, 09/01/2029
  1,716,481
1,042,000 Danske Bank A/S(a)
1.55%, 09/10/2027
1,028,934
927,000 Deutsche Bank AG
2.31%, 11/16/2027
914,360
410,000 Equinix Asia Financing Corp Pte Ltd REIT
4.40%, 03/15/2031
401,347
1,200,000 Equinix Inc REIT
2.90%, 11/18/2026
1,189,072
1,250,000 Equitable America Global Funding(a)
4.30%, 12/15/2028
1,239,780
343,000 F&G Annuities & Life Inc
6.50%, 06/04/2029
344,433
550,000 Federation des Caisses Desjardins du Quebec(a)
4.57%, 08/26/2030
547,144
  Fifth Third Bancorp  
816,000 6.34%, 07/27/2029 845,919
12,000 4.90%, 09/06/2030 12,040
829,000 First-Citizens Bank & Trust Co
6.13%, 03/09/2028
849,893
560,000 Gabx Leasing LLC(a)
4.63%, 04/15/2031
552,056
6,820,000 Goldman Sachs Group Inc
4.15%, 10/21/2029
6,756,360
  ING Groep NV  
1,130,000 6.08%, 09/11/2027 1,137,026
590,000 4.86%, 03/25/2029 593,696
1,500,000 Jane Street Group / JSG Finance Inc(a)
4.50%, 11/15/2029
1,453,812
745,000 Jefferies Financial Group Inc(d)
4.50%, 09/15/2026
742,635
  JPMorgan Chase & Co  
1,986,000 1.47%, 09/22/2027 1,958,822
1,649,000 5.04%, 01/23/2028 1,657,364
755,000 4.26%, 10/22/2031 743,207
750,000 4.35%, 01/22/2032 739,416
  Lloyds Banking Group PLC  
1,384,000 5.46%, 01/05/2028 1,394,210
1,076,000 4.82%, 06/13/2029 1,082,394
539,000 5.72%, 06/05/2030 556,602
  LPL Holdings Inc  
1,137,000 4.63%, 11/15/2027(a) 1,128,682
323,000 6.75%, 11/17/2028 338,407
330,000 4.00%, 03/15/2029(a) 320,457
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Financial — (continued)
$   254,000 Macquarie Airfinance Holdings Ltd(a)
5.15%, 03/17/2030
$    252,701
  Morgan Stanley  
 3,489,000 3.95%, 04/23/2027   3,468,321
   676,000 5.12%, 02/01/2029     683,393
   569,000 4.99%, 04/12/2029     574,216
 1,100,000 4.13%, 10/18/2029   1,087,238
   325,000 4.49%, 01/16/2032     319,536
480,000 4.71%, 03/12/2032 476,768
1,000,000 Morgan Stanley Bank NA
4.95%, 01/14/2028
1,004,006
306,000 Nationwide Building Society(a)
4.65%, 07/14/2029
306,276
895,000 NatWest Markets PLC(a)
4.41%, 11/06/2030
882,780
1,737,000 PNC Bank NA
4.05%, 07/26/2028
1,721,551
1,340,000 Santander Holdings USA Inc
2.49%, 01/06/2028
1,317,302
750,000 Skandinaviska Enskilda Banken AB(a)(d)
4.38%, 03/12/2031
743,681
1,648,000 Toronto-Dominion Bank
5.53%, 07/17/2026
1,654,947
430,000 Truist Bank
4.63%, 09/17/2029
426,309
2,499,000 Truist Financial Corp
6.05%, 06/08/2027
2,505,295
  VICI Properties LP / VICI Note Co Inc REIT(a)  
698,000 4.50%, 09/01/2026 697,184
879,000 3.75%, 02/15/2027 872,307
1,480,000 VICI Properties LP REIT(a)
3.88%, 02/15/2029
1,438,272
849,000 Wells Fargo & Co
4.81%, 07/25/2028
852,524
1,650,000 Willis North America Inc
4.65%, 06/15/2027
1,652,722
    103,177,249
Industrial — 4.82%
370,000 Amphenol Corp
3.90%, 11/15/2028
367,252
320,000 AptarGroup Inc
4.75%, 03/30/2031
317,140
2,085,000 Avolon Holdings Funding Ltd(a)
4.90%, 10/10/2030
2,070,474
  BAE Systems PLC(a)  
819,000 5.00%, 03/26/2027 824,340
3,760,000 5.13%, 03/26/2029 3,837,235
  Berry Global Inc  
1,205,000 1.65%, 01/15/2027 1,179,784
101,000 5.50%, 04/15/2028 102,971
  Boeing Co  
181,000 6.26%, 05/01/2027 184,125
4,119,000 6.30%, 05/01/2029 4,324,273
114,000 2.95%, 02/01/2030 107,282
1,310,000 5.15%, 05/01/2030 1,331,929
Principal Amount   Fair Value
Industrial — (continued)
$   475,000 Eaton Corp
4.20%, 03/06/2031
$    468,127
   350,000 General Electric Co
4.30%, 07/29/2030
    349,161
   919,000 Graphic Packaging International LLC(a)
1.51%, 04/15/2026
    917,677
   705,000 Honeywell Aerospace Inc(a)
4.30%, 03/16/2031
    697,375
 2,437,000 Howmet Aerospace Inc
3.00%, 01/15/2029
  2,350,905
   827,000 Penske Truck Leasing Co LP / PTL Finance Corp(a)
5.75%, 05/24/2026
    827,611
   677,000 Regal Rexnord Corp
6.05%, 04/15/2028
    694,365
203,000 Republic Services Inc
5.00%, 11/15/2029
207,386
1,152,000 SMBC Aviation Capital Finance Designated Activity Co(a)
5.30%, 04/03/2029
1,169,530
3,600,000 Spirit AeroSystems Inc
4.60%, 06/15/2028
3,600,983
1,690,000 Vertiv Group Corp(a)
4.13%, 11/15/2028
1,664,273
    27,594,198
Technology — 3.38%
  Broadcom Inc  
1,067,000 5.05%, 07/12/2029 1,089,060
1,080,000 4.60%, 07/15/2030 1,085,373
790,000 4.20%, 10/15/2030 780,820
825,000 Fiserv Inc
5.45%, 03/02/2028
836,718
  Foundry JV Holdco LLC(a)  
880,000 5.90%, 01/25/2030 910,710
400,000 5.50%, 01/25/2031 408,430
262,000 6.15%, 01/25/2032 273,524
1,922,000 Hewlett Packard Enterprise Co
4.55%, 10/15/2029
1,912,449
  Marvell Technology Inc  
1,138,000 1.65%, 04/15/2026 1,136,730
919,000 5.75%, 02/15/2029 948,848
2,114,000 MSCI Inc(a)
4.00%, 11/15/2029
2,053,347
  Oracle Corp  
1,155,000 4.55%, 02/04/2029 1,140,403
285,000 4.45%, 09/26/2030 274,649
640,000 4.95%, 02/04/2031 626,202
686,000 Paychex Inc
5.10%, 04/15/2030
692,149
695,000 Salesforce Inc
4.50%, 03/15/2028
695,179
1,046,000 ServiceNow Inc
1.40%, 09/01/2030
907,603
  Synopsys Inc  
310,000 4.65%, 04/01/2028 311,137
1,136,000 4.85%, 04/01/2030 1,144,355
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Technology — (continued)
$ 1,294,000 VMware LLC
1.40%, 08/15/2026
$  1,280,388
   880,000 Workday Inc
3.50%, 04/01/2027
    872,268
    19,380,342
Utilities — 4.25%
   730,000 Alexander Funding Trust II(a)
7.47%, 07/31/2028
    768,647
  Constellation Energy Generation LLC  
 2,067,000 5.60%, 03/01/2028   2,112,816
230,000 4.40%, 01/15/2031 227,001
  Dominion Energy Inc  
1,248,000 2.85%, 08/15/2026 1,241,172
806,000 4.60%, 05/15/2028 808,535
655,000 DTE Energy Co
4.95%, 07/01/2027
659,237
795,000 Electricite de France SA(a)
5.70%, 05/23/2028
813,998
270,000 Enel Finance International NV(a)
4.13%, 09/30/2028
267,773
499,000 Eversource Energy
5.45%, 03/01/2028
507,098
2,017,000 FirstEnergy Corp
3.90%, 07/15/2027
2,000,575
  NextEra Energy Capital Holdings Inc  
260,000 4.69%, 09/01/2027 261,254
2,103,000 5.05%, 03/15/2030 2,141,960
  Pacific Gas & Electric Co  
2,413,000 3.00%, 06/15/2028 2,334,547
743,000 6.10%, 01/15/2029 768,842
680,000 Palomino Funding Trust I(a)
7.23%, 05/17/2028
710,354
  Southern Co  
1,762,000 3.25%, 07/01/2026 1,758,645
553,000 5.50%, 03/15/2029 569,784
240,000 Southern Co Gas Capital Corp
4.05%, 09/15/2028
238,235
945,000 Southern Power Co
4.25%, 10/01/2030
932,802
830,000 Vistra Corp(a)(e)
8.00%, Perpetual
838,798
  Vistra Operations Co LLC(a)  
1,205,000 5.05%, 12/30/2026 1,208,643
2,405,000 4.30%, 10/15/2028 2,376,178
355,000 4.70%, 01/31/2031 349,284
420,000 Wisconsin Electric Power Co(d)
4.15%, 10/15/2030
414,367
    24,310,545
TOTAL CORPORATE BONDS AND NOTES — 49.90%
(Cost $284,988,474) 		$285,631,820
Principal Amount   Fair Value
MORTGAGE-BACKED SECURITIES
Non-Agency — 8.05%
  A&D Mortgage Trust(a)(c)  
  Series 2023-NQM4 Class A1  
$ 1,392,660 7.47%, 09/25/2068   $  1,403,864
  Series 2023-NQM5 Class A1  
 1,908,763 7.05%, 11/25/2068     1,923,323
   712,000 Anchor Mortgage Trust (a)(c)
Series 2025-RTL1 Class A1
5.72%,  05/25/2040   		    711,170
  Angel Oak Mortgage Trust(a)  
  Series 2021-3 Class A3  
337,436 1.46%, 05/25/2066(f)   294,765
  Series 2024-9 Class A1  
232,322 5.14%, 09/25/2069(c)   232,049
  BANK  
  Series 2020-BN26 Class XA  
3,991,117 1.19%, 03/15/2063(f)   136,070
  Series 2019-BN18 Class A2  
633,000 3.47%, 05/15/2062   615,232
  BANK5(f)  
  Series 2024-5YR10 Class XA  
9,623,407 1.19%, 10/15/2057   346,996
  Series 2024-5YR7 Class XA  
9,144,204 1.33%, 06/15/2057   337,770
296,013 Barclays Commercial Mortgage Trust
Series 2019-C3 Class A2
3.44%,  05/15/2052   		290,865
18,199,685 BBCMS Mortgage Trust(f)
Series 2024-5C29 Class XA
1.60%,  09/15/2057   		866,380
282,675 BDS Ltd(a)(b)
Series 2021-FL10 Class A
5.14%,  12/16/2036
1-mo. SOFR + 1.46% 		282,673
  Benchmark Mortgage Trust  
  Series 2020-B22 Class XA  
3,963,732 1.49%, 01/15/2054(f)   224,129
  Series 2019-B12 Class A2  
1,180,783 3.00%, 08/15/2052   1,159,123
  Series 2019-B13 Class A2  
1,085,271 2.89%, 08/15/2057   1,043,117
  Series 2024-V10 Class XA  
8,393,106 1.31%, 09/15/2057(f)   327,047
9,087,804 BMO Mortgage Trust(f)
Series 2024-5C6 Class XA
1.35%,  09/15/2057   		353,347
  BRAVO Residential Funding Trust(a)(c)  
  Series 2023-NQM4 Class A1  
114,787 6.44%, 05/25/2063   114,725
  Series 2023-NQM8 Class A1  
239,866 6.39%, 10/25/2063   240,895
  Series 2024-NQM2 Class A1  
84,713 6.29%, 02/25/2064   85,190
  Series 2024-NQM3 Class A1  
527,288 6.19%, 03/25/2064   530,421
  Series 2025-NQM5 Class A2  
543,525 5.70%, 02/25/2065   544,703
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
$   612,000 BX Trust (a)(f)
Series 2025-ARIA Class B
5.18%,  12/13/2042   		$    612,451
   697,000 CGMS Commercial Mortgage Trust(f)
Series 2017-B1 Class AS
3.71%,  08/15/2050   		    681,261
  Citigroup Commercial Mortgage Trust  
  Series 2016-C3 Class A4  
 1,054,000 3.15%, 11/15/2049     1,044,971
  Series 2020-GC46 Class A2  
   520,062 2.71%, 02/15/2053       491,242
2,210,741 COLT Mortgage Loan Trust(a)(c)
Series 2024-INV2 Class A1
6.42%,  05/25/2069   		2,231,230
  COMM Mortgage Trust  
  Series 2014-CR14 Class B  
133,262 3.13%, 02/10/2047(f)   131,425
  Series 2014-CR17 Class B  
456,477 4.38%, 05/10/2047   450,999
  Series 2014-UBS5 Class AM  
317,491 4.19%, 09/10/2047(f)   312,567
  Series 2015-CR22 Class B  
422,327 3.93%, 03/10/2048(f)   404,378
216,000 CoreVest American Finance Ltd(a)(c)
Series 2025-RRTL1 Class A1
5.68%,  05/28/2040   		216,693
  Cross Mortgage Trust(a)  
  Series 2024-H1 Class A1  
365,548 6.09%, 12/25/2068(c)   367,063
  Series 2024-H2 Class A1  
434,224 6.09%, 04/25/2069(c)   436,612
  Series 2025-H1 Class A1  
666,453 5.74%, 02/25/2070(f)   670,126
  CSAIL Commercial Mortgage Trust  
  Series 2019-C16 Class A3  
298,691 3.40%, 11/15/2050   297,303
  Series 2019-C18 Class A2  
630,356 2.84%, 12/15/2052   600,874
  Series 2021-C20 Class XA  
5,917,838 0.99%, 03/15/2054(f)   210,847
444,405 Ellington Financial Mortgage Trust(a)(b)
Series 2025-NQM4 Class A1F
4.86%,  09/25/2070
1-mo. SOFR + 1.20% 		444,344
  GS Mortgage Securities Trust  
  Series 2017-GS5 Class A4  
1,049,000 3.67%, 03/10/2050   1,038,373
  Series 2019-GC38 Class XA  
12,246,642 1.01%, 02/10/2052(f)   298,811
1,754,793 GS Mortgage-Backed Securities Trust(a)(f)
Series 2024-RPL2 Class A1
3.75%,  07/25/2061   		1,710,925
Principal Amount   Fair Value
Non-Agency — (continued)
$   386,364 HOMES Trust(a)(c)
Series 2024-NQM1 Class A1
5.92%,  07/25/2069   		$    389,446
  JPMBB Commercial Mortgage Securities Trust(f)  
  Series 2014-C23 Class B  
   472,071 4.54%, 09/15/2047       465,698
  Series 2014-C23 Class C  
   709,824 4.54%, 09/15/2047       687,110
  JPMorgan Chase Commercial Mortgage Securities Trust  
  Series 2016-JP3 Class AS  
744,000 3.14%, 08/15/2049   719,982
  Series 2017-JP5 Class AS  
571,000 3.88%, 03/15/2050(f)   556,658
  JPMorgan Mortgage Trust(a)  
  Series 2024-VIS2 Class A1  
290,684 5.85%, 11/25/2064(c)   292,249
  Series 2024-10 Class A11  
432,465 4.91%, 03/25/2055(b)
1-mo. SOFR + 1.25% 		433,263
337,000 Lhome Mortgage Trust (a)(f)
Series 2025-RTL2 Class A1
5.61%,  04/25/2040   		338,064
  Morgan Stanley Bank of America Merrill Lynch Trust(f)  
  Series 2013-C10 Class B  
404,764 3.95%, 07/15/2046   384,294
  Series 2015-C21 Class B  
1,086,644 3.85%, 03/15/2048   1,061,532
  Morgan Stanley Capital I Trust  
  Series 2016-BNK2 Class A4  
395,000 3.05%, 11/15/2049   388,991
  Series 2018-L1 Class A3  
582,375 4.14%, 10/15/2051   579,952
  Morgan Stanley Residential Mortgage Loan Trust(a)  
  Series 2024-4 Class AF  
169,276 5.01%, 09/25/2054(b)
1-mo. SOFR + 1.35% 		169,427
  Series 2024-NQM1 Class A1  
1,147,590 6.15%, 12/25/2068(c)   1,153,381
620,268 OBX Trust(a)(c)
Series 2024-NQM14 Class A1
4.94%,  09/25/2064   		618,852
813,000 One Bryant Park Trust(a)
Series 2019-OBP Class A
2.52%,  09/15/2054   		751,164
657,820 Onslow Bay Financial LLC(a)(c)
Series 2024-NQM2 Class A1
5.88%,  12/25/2063   		660,017
513,000 SG Commercial Mortgage Securities Trust
Series 2016-C5 Class A4
3.06%,  10/10/2048   		510,679
  Station Place Securitization Trust(a)(b)  
  Series 2025-1 Class A  
1,969,000 4.58%, 07/23/2026
1-mo. SOFR + 0.90% 		1,970,282
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Series 2025-3 Class A  
$ 1,650,000 4.58%, 09/23/2026
1-mo. SOFR + 0.90% 		$  1,648,225
  Series 2025-7 Class A  
 1,849,000 4.58%, 11/24/2026
1-mo. SOFR + 0.90% 		  1,848,630
   260,000 Toorak Mortgage Trust (a)(c)
Series 2025-RRTL1 Class A1
5.52%,  02/25/2040   		    260,916
  UBS Commercial Mortgage Trust  
  Series 2017-C7 Class A4  
1,270,000 3.68%, 12/15/2050   1,253,246
  Series 2018-C14 Class A4  
505,000 4.45%, 12/15/2051   502,396
  Series 2019-C17 Class XA  
10,362,926 1.44%, 10/15/2052(f)   423,133
  Verus Securitization Trust(a)  
  Series 2021-2 Class A3  
377,136 1.55%, 02/25/2066(f)   346,533
  Series 2023-INV3 Class A1  
1,285,686 6.88%, 11/25/2068(f)   1,295,676
  Series 2024-3 Class A1  
260,295 6.34%, 04/25/2069(c)   262,415
  Series 2024-4 Class A1  
349,316 6.22%, 06/25/2069(c)   352,132
  Wells Fargo Commercial Mortgage Trust  
  Series 2017-RB1 Class A5  
854,000 3.64%, 03/15/2050   839,303
  Series 2025-5C3 Class XA  
6,203,380 0.81%, 01/15/2058(f)   173,911
    46,053,906
U.S. Government Agency — 5.15%
  Connecticut Avenue Securities Trust(a)(b)  
  Series 2021-R03 Class 1M2  
1,004,863 5.31%, 12/25/2041
1-mo. SOFR + 1.65% 		1,006,401
  Series 2026-R01 Class 2A1  
1,081,136 4.51%, 01/25/2046
1-mo. SOFR + 0.85% 		1,074,379
  Series 2022-R02 Class 2M2  
1,177,500 6.66%, 01/25/2042
1-mo. SOFR + 3.00% 		1,189,829
  Series 2022-R03 Class 1M2  
35,000 7.16%, 03/25/2042
1-mo. SOFR + 3.50% 		35,676
  Series 2022-R04 Class 1M2  
24,000 6.76%, 03/25/2042
1-mo. SOFR + 3.10% 		24,329
  Series 2023-R06 Class 1M1  
6,124 5.36%, 07/25/2043
1-mo. SOFR + 1.70% 		6,133
  Series 2024-R02 Class 1M1  
129,546 4.76%, 02/25/2044
1-mo. SOFR + 1.10% 		129,466
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series 2024-R03 Class 2M1  
$     4,070 4.81%, 03/25/2044
1-mo. SOFR + 1.15% 		$      4,066
  Series 2024-R04 Class 1M1  
     2,005 4.76%, 05/25/2044
1-mo. SOFR + 1.10% 		      2,004
  Series 2024-R06 Class 1A1  
   143,265 4.81%, 09/25/2044
1-mo. SOFR + 1.15% 		    143,220
  Series 2025-R01 Class 1A1  
232,555 4.61%, 01/25/2045
1-mo. SOFR + 0.95% 		231,979
  Series 2025-R01 Class 1M1  
149,693 4.76%, 01/25/2045
1-mo. SOFR + 1.10% 		149,414
  Series 2025-R02 Class 1A1  
178,379 4.66%, 02/25/2045
1-mo. SOFR + 1.00% 		178,104
  Series 2025-R02 Class 1M1  
284,551 4.81%, 02/25/2045
1-mo. SOFR + 1.15% 		284,376
  Series 2025-R03 Class 2A1  
501,028 5.11%, 03/25/2045
1-mo. SOFR + 1.45% 		501,970
  Series 2025-R04 Class 1A1  
310,043 4.66%, 05/25/2045
1-mo. SOFR + 1.00% 		310,112
  Series 2025-R04 Class 1M1  
680,269 4.86%, 05/25/2045
1-mo. SOFR + 1.20% 		680,489
  Series 2025-R06 Class 1A1  
590,034 4.56%, 09/25/2045
1-mo. SOFR + 0.90% 		588,654
  Series 2026-R01 Class 2M1  
1,226,791 4.66%, 01/25/2046
1-mo. SOFR + 1.00% 		1,226,547
  Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit(b)  
  Series 5387 Class DF  
1,031,278 4.86%, 03/25/2054
1-mo. SOFR + 1.20% 		1,039,662
  Series 5393 Class FA  
1,099,488 4.86%, 12/25/2053
1-mo. SOFR + 1.20% 		1,108,430
  Series 5440 Class FH  
1,480,351 4.76%, 07/25/2054
1-mo. SOFR + 1.10% 		1,488,567
  Series 5446 Class DF  
998,114 4.81%, 08/25/2054
1-mo. SOFR + 1.15% 		1,004,994
  Series 5466 Class FG  
3,781,566 4.61%, 10/25/2054
1-mo. SOFR + 0.95% 		3,788,675
  Series 5537 Class FC  
1,288,162 4.81%, 05/25/2055
1-mo. SOFR + 1.15% 		1,298,100
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b)  
  Series 2021-DNA5 Class M2  
$     3,070 5.31%, 01/25/2034
1-mo. SOFR + 1.65% 		$      3,070
  Series 2022-DNA3 Class M1B  
    17,000 6.56%, 04/25/2042
1-mo. SOFR + 2.90% 		     17,304
  Series 2025-DNA2 Class A1  
   413,750 4.76%, 05/25/2045
1-mo. SOFR + 1.10% 		    414,247
  Series 2021-DNA6 Class M2  
80,235 5.16%, 10/25/2041
1-mo. SOFR + 1.50% 		80,310
  Series 2021-DNA7 Class M2  
1,242,000 5.46%, 11/25/2041
1-mo. SOFR + 1.80% 		1,245,091
  Series 2022-DNA2 Class M1A  
1,441 4.96%, 02/25/2042
1-mo. SOFR + 1.30% 		1,441
  Series 2022-DNA5 Class M1A  
1,332,089 6.61%, 06/25/2042
1-mo. SOFR + 2.95% 		1,351,906
  Series 2022-HQA1 Class M1A  
1,711 5.76%, 03/25/2042
1-mo. SOFR + 2.10% 		1,714
  Series 2023-DNA1 Class M1A  
29,102 5.76%, 03/25/2043
1-mo. SOFR + 2.10% 		29,374
  Series 2023-HQA3 Class M1  
26,095 5.51%, 11/25/2043
1-mo. SOFR + 1.85% 		26,218
  Series 2024-HQA2 Class A1  
876,550 4.91%, 08/25/2044
1-mo. SOFR + 1.25% 		877,365
  Series 2025-DNA1 Class A1  
587,820 4.61%, 01/25/2045
1-mo. SOFR + 0.95% 		586,723
  Series 2025-DNA2 Class M1  
1,282,038 4.86%, 05/25/2045
1-mo. SOFR + 1.20% 		1,280,436
  Series 2025-DNA3 Class M1  
520,412 4.76%, 09/25/2045
1-mo. SOFR + 1.10% 		520,145
  Series 2025-DNA4 Class M1  
355,984 4.76%, 10/25/2045
1-mo. SOFR + 1.10% 		355,971
  Series 2026-DNA1 Class M1  
100,920 4.66%, 02/25/2046
1-mo. SOFR + 1.00% 		100,542
  Federal National Mortgage Association  
311,463 4.69%, 08/01/2028   314,439
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   732,000 5.28%, 12/01/2028   $    750,850
   923,898 2.73%, 09/01/2029       883,374
   237,106 Federal National Mortgage Association Connecticut Avenue Securities(b)
Series 2016-C07 Class 2M2
8.13%,  05/25/2029
1-mo. SOFR + 4.46% 		    241,354
  Federal National Mortgage Association Real Estate Mortgage Investment Conduit(b)  
  Series 2024-77 Class DF  
   605,675 4.86%, 10/25/2053
1-mo. SOFR + 1.20% 		    611,086
  Series 2024-82 Class FE  
743,312 4.61%, 11/25/2054
1-mo. SOFR + 0.95% 		744,691
  Series 2025-25 Class FB  
969,871 4.61%, 04/25/2055
1-mo. SOFR + 0.95% 		971,380
575,680 Government National Mortgage Association(b)
Series 2024-78 Class QF
4.77%,  05/20/2054
1-mo. SOFR + 1.10% 		578,419
    29,483,026
TOTAL MORTGAGE-BACKED SECURITIES — 13.20%
(Cost $76,986,086) 		$75,536,932
MUNICIPAL BONDS AND NOTES
875,000 Alabama Economic Settlement Authority, RB
4.26%, 09/15/2032
867,433
275,000 City of Chicago IL, GO
7.05%, 01/01/2029
281,193
465,000 Philadelphia Authority for Industrial Development Series C, RB
6.55%, 10/15/2028
490,910
310,000 Redevelopment Authority of the City of Philadelphia, RB
4.13%, 11/01/2030
308,333
1,015,000 South Carolina Public Service Authority, RB
5.74%, 01/01/2030
1,047,506
535,000 State Board of Administration Finance Corp Series A, RB
5.53%, 07/01/2034
560,598
750,000 State of California, GO
4.35%, 11/01/2032
747,762
620,000 State of Illinois, GO
4.85%, 04/01/2032
628,845
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Municipal Bonds and Notes — (continued)
$   545,000 Virginia Commonwealth University, RB
2.12%, 11/01/2030
$    499,115
TOTAL MUNICIPAL BONDS AND NOTES — 0.95%
(Cost $5,467,951) 		$5,431,695
U.S. TREASURY BONDS AND NOTES
28,500,000 United States Treasury Note/Bond
3.88%, 05/31/2027   		 28,518,926
TOTAL U.S. TREASURY BONDS AND NOTES — 4.98%
(Cost $28,451,838) 		$28,518,926
Shares    
GOVERNMENT MONEY MARKET MUTUAL FUNDS
2,250,990 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(g), 3.60%(h) 2,250,990
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.39%
(Cost $2,250,990) 		$2,250,990
Principal Amount    
SHORT TERM INVESTMENTS
Commercial Paper — 11.79%
1,635,000 Agree LP REIT(a)
4.02%, 04/01/2026 		1,635,000
  Alimentation Couche-Tard Inc(a)  
1,545,000 4.11%, 04/02/2026
1,544,826
1,000,000 4.14%, 04/09/2026
999,093
1,730,000 AutoNation Inc(a)
4.21%, 04/01/2026 		1,730,000
  AvalonBay Communities Inc REIT(a)  
1,660,000 4.23%, 04/02/2026
1,659,807
2,125,000 4.20%, 04/07/2026
2,123,532
2,560,000 Aviation Capital Group LLC(a)
4.01%, 04/01/2026 		2,560,000
2,350,000 Bayer Corp(a)
4.30%, 07/20/2026 		2,319,676
970,000 Boston Properties LP REIT(a)
4.11%, 04/01/2026 		970,000
2,331,000 Chariot Funding LLC(a)
3.81%, 04/06/2026 		2,329,542
1,345,000 Charles Schwab Corp(a)
4.10%, 05/08/2026 		1,339,279
2,885,000 Conagra Brands Inc(a)
4.11%, 04/01/2026 		2,885,000
Principal Amount   Fair Value
Commercial Paper — (continued)
$ 1,295,000 ENEL Finance America LLC(a)
4.37%, 06/26/2026 		$  1,281,639
 2,105,000 Energy Transfer LP(a)
3.95%, 04/01/2026 		  2,105,000
 1,285,000 ERAC USA Finance LLC(a)
4.22%, 04/20/2026 		  1,282,183
  Extra Space Storage LP REIT(a)  
 1,645,000 4.10%, 04/02/2026
  1,644,815
 1,045,000 3.95%, 04/07/2026
  1,044,322
   935,000 3.97%, 04/16/2026
    933,477
1,050,000 4.17%, 04/21/2026
1,047,604
695,000 4.22%, 04/28/2026
692,837
1,292,000 HCA Inc(a)
4.13%, 04/01/2026 		1,292,000
  Intercontinental Exchange Inc(a)  
1,085,000 4.05%, 04/02/2026
1,084,880
865,000 4.06%, 04/07/2026
864,423
1,115,000 4.08%, 04/10/2026
1,113,879
2,425,000 International Flavors & Fragrances Inc(a)
4.16%, 04/01/2026 		2,425,000
  Keurig Dr Pepper Inc(a)  
1,330,000 4.23%, 04/09/2026
1,328,767
1,510,000 4.40%, 05/07/2026
1,503,472
2,040,000 Macquarie Group Ltd
4.02%, 04/06/2026 		2,038,651
  Mid-America Apartments LP REIT(a)  
1,795,000 4.14%, 04/06/2026
1,793,982
1,225,000 4.12%, 04/15/2026
1,223,069
1,190,000 NiSource Inc(a)
4.10%, 04/10/2026 		1,188,797
  O'Reilly Automotive Inc(a)  
875,000 4.13%, 04/06/2026
874,505
970,000 4.06%, 04/07/2026
969,353
1,575,000 Owens Corning(a)
4.12%, 04/02/2026 		1,574,822
  Penske Truck Leasing Co LP  
2,115,000 3.95%, 04/09/2026
2,113,172
1,580,000 4.17%, 04/10/2026
1,578,378
1,240,000 4.11%, 04/13/2026
1,238,326
  Phillips 66 Co(a)  
770,000 4.12%, 04/10/2026
769,219
1,530,000 4.40%, 05/04/2026
1,523,937
  Ryder System Inc  
1,395,000 3.94%, 04/02/2026
1,394,850
1,152,000 4.11%, 04/07/2026
1,151,222
980,000 4.11%, 04/08/2026
979,228
3,240,000 Targa Resources Corp(a)
3.95%, 04/01/2026 		3,240,000
795,000 UDR Inc REIT(a)
4.11%, 04/01/2026 		795,000
1,305,000 WEC Energy Group Inc(a)
4.06%, 04/07/2026 		1,304,130
    67,490,694
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency Bonds and Notes — 7.51%
  Federal Home Loan Bank(i)  
$41,000,000 3.65%, 04/06/2026
$ 40,979,516
 2,000,000 3.66%, 04/13/2026
  1,997,600
    42,977,116
U.S. Treasury Bonds and Notes — 1.74%
10,000,000 U.S. Treasury Bills
3.65%, 05/07/2026 		  9,963,641
TOTAL SHORT TERM INVESTMENTS — 21.04%
(Cost $120,430,718) 		$120,431,451
TOTAL INVESTMENTS — 99.42%
(Cost $569,870,069) 		$569,049,126
OTHER ASSETS & LIABILITIES, NET — 0.58% $3,334,023
TOTAL NET ASSETS — 100.00% $572,383,149
(a)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $215,758,409, representing 37.69% of net assets.
(b)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(c)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield as of March 31, 2026. Maturity date disclosed represents final maturity date.
(d)  All or a portion of the security is on loan as of March 31, 2026.
(e)  Security has no contractual maturity date and pays an indefinite stream of interest.
(f)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(g)  Collateral received for securities on loan.
(h)  Rate shown is the 7-day yield as of March 31, 2026.
(i)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
GO  General Obligation Bonds
LP  Limited Partnership
RB  Revenue Bonds
REIT  Real Estate Investment Trust
SOFR  Secured Overnight Financing Rate
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
(Depreciation)
Long          
U.S. 2 Year Treasury Note Futures 238 USD 49,372 Jun 2026 $(360,719)
        Net Depreciation $(360,719)
           
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER SHORT DURATION BOND FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
As of March 31, 2026, the Fund held the following centrally cleared interest rate swaps:
Rate Received
by
the Fund 		Receive
Frequency 		Rate Paid
by
the Fund 		Pay
Frequency 		Notional Amount
(000) 		Maturity
Date 		Value   Upfront
Payments
/Receipts 		  Net Unrealized
Appreciation/
(Depreciation)
3.30% Annually 1-day SOFR Annually USD 223,915 03/18/2028 $(1,406,047)   $(355,631)   $(1,050,416)
1-day SOFR Annually 3.45% Annually USD 69,603 03/18/2031 528,199   (45,063)   573,262
              $(877,848)   $(400,694)   $(477,154)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
ASSET-BACKED SECURITIES
Non-Agency — 7.58%
$   550,000 AGL Ltd(a)(b)
Series 2022-23A Class BR
5.22%, 04/20/2038
3-mo. SOFR + 1.55% 		$    544,125
  American Credit Acceptance Receivables Trust(a)  
  Series 2025-1 Class D  
 1,000,000 5.54%, 08/12/2031     1,008,737
  Series 2025-3 Class C  
   250,000 4.95%, 07/12/2032       250,927
  Series 2026-1 Class C  
2,250,000 4.55%, 01/12/2033   2,242,800
  AmeriCredit Automobile Receivables Trust  
  Series 2023-2 Class C  
1,050,000 6.00%, 07/18/2029   1,072,698
  Series 2026-1 Class B  
1,850,000 4.28%, 11/18/2032(a)   1,839,201
2,600,000 Apidos XXXVII(a)(b)
Series 2021-37A Class B
5.53%, 10/22/2034
3-mo. SOFR + 1.86% 		2,601,373
1,510,000 Birch Grove Ltd(a)(b)
Series 2024-11A Class A1
5.03%, 01/22/2038
3-mo. SOFR + 1.36% 		1,512,158
  Bridgecrest Lending Auto Securitization Trust  
  Series 2025-2 Class C  
800,000 5.17%, 03/17/2031   804,215
  Series 2025-3 Class B  
200,000 4.73%, 09/17/2029   200,692
  Series 2025-3 Class C  
900,000 4.81%, 05/15/2031   901,316
  Series 2025-3 Class D  
650,000 5.27%, 05/15/2031   650,187
  Series 2026-1 Class B  
510,000 4.25%, 11/17/2031   507,628
  Drive Auto Receivables Trust  
  Series 2025-1 Class D  
900,000 5.41%, 09/15/2032   904,384
  Series 2025-2 Class C  
640,000 4.39%, 09/15/2032   637,087
  Exeter Automobile Receivables Trust  
  Series 2024-4A Class D  
900,000 5.81%, 12/16/2030   918,062
  Series 2025-1A Class D  
2,600,000 5.49%, 05/15/2031   2,621,761
  Series 2025-2A Class C  
650,000 5.16%, 07/15/2031   654,503
  Series 2025-4A Class D  
1,100,000 5.23%, 01/15/2032   1,097,265
  Series 2025-5A Class B  
850,000 4.28%, 07/15/2030   846,884
  Series 2026-1A Class C  
1,510,000 4.40%, 05/17/2032   1,490,840
Principal Amount   Fair Value
Non-Agency — (continued)
  Exeter Select Automobile Receivables Trust  
  Series 2025-1 Class A3  
$ 1,000,000 4.69%, 04/15/2030   $  1,004,620
  Series 2025-2 Class B  
   450,000 4.63%, 11/17/2031       450,938
  Series 2025-2 Class D  
 1,050,000 5.34%, 01/15/2032     1,052,893
2,000,000 Ford Credit Auto Owner Trust(a)(c)
Series 2025-1 Class A
4.86%, 08/15/2037   		2,034,968
764,774 Hilton Grand Vacations Trust(a)
Series 2025-3EXT Class A
4.56%, 10/25/2044   		758,298
2,800,000 HPS Loan Management Ltd(a)(b)
Series 2019-15A Class A1R2
4.91%, 10/22/2038
3-mo. SOFR + 1.24% 		2,795,581
2,000,000 KKR Ltd(a)(b)
Series 31A Class B
5.43%, 04/20/2034
3-mo. SOFR + 1.76% 		2,000,312
2,000,000 Marathon Ltd(a)(b)
Series 2021-16A Class A2R
5.22%, 04/15/2034
3-mo. SOFR + 1.55% 		1,984,884
1,550,000 OCP Aegis Ltd(a)(b)
Series 2024-39A Class B1R
5.07%, 04/16/2038
3-mo. SOFR + 1.40% 		1,546,423
  OneMain Direct Auto Receivables Trust(a)  
  Series 2026-1A Class A  
2,500,000 4.49%, 12/14/2033   2,480,944
  Series 2026-1A Class B  
1,220,000 4.70%, 01/17/2034   1,207,677
490,000 Sagard-Halseypoint Ltd(a)(b)
Series 2024-8A Class A1
5.06%, 01/30/2038
3-mo. SOFR + 1.39% 		490,451
  Santander Drive Auto Receivables Trust  
  Series 2023-4 Class C  
600,000 6.04%, 12/15/2031   612,550
  Series 2023-4 Class B  
985,228 5.77%, 12/15/2028   991,732
  Series 2025-2 Class C  
800,000 5.06%, 05/15/2031   806,914
  Series 2025-3 Class B  
250,000 4.49%, 09/15/2031   250,621
  Series 2025-3 Class C  
800,000 4.68%, 09/15/2031   801,141
  Series 2025-3 Class D  
400,000 5.11%, 09/15/2031   400,925
  Series 2025-4 Class D  
1,300,000 4.95%, 01/15/2032   1,290,624
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
Non-Agency — (continued)
  Westlake Automobile Receivables Trust(a)  
  Series 2023-3A Class C  
$   400,000 6.02%, 09/15/2028   $    402,246
  Series 2024-1A Class C  
   250,000 5.65%, 02/15/2029       252,067
  Series 2025-2A Class D  
   400,000 5.08%, 05/15/2031       399,804
TOTAL ASSET-BACKED SECURITIES — 7.58%
(Cost $47,301,975) 		$47,323,456
MORTGAGE-BACKED SECURITIES
Non-Agency — 0.83%
811,873 Angel Oak Mortgage Trust(a)(c)
Series 2024-10 Class A1
5.35%,  10/25/2069   		812,434
680,000 Benchmark Mortgage Trust(d)
Series 2018-B2 Class A5
3.88%,  02/15/2051   		670,265
922,710 UBS Commercial Mortgage Trust
Series 2018-C10 Class A3
4.05%,  05/15/2051   		911,514
2,630,000 Wells Fargo Commercial Mortgage Trust
Series 2025-5C3 Class A3
6.10%,  01/15/2058   		2,751,762
    5,145,975
U.S. Government Agency — 47.15%
440,000 Connecticut Avenue Securities Trust(a)(b)
Series 2023-R01 Class 1M2
7.41%,  12/25/2042
1-mo. SOFR + 3.75% 		457,381
  Federal Home Loan Mortgage Corp  
15,924 3.00%, 12/01/2026   15,854
50,727 3.00%, 07/01/2029   50,232
1,783,008 4.30%, 01/01/2030   1,778,043
167,821 3.50%, 02/01/2032   164,769
18,670 5.50%, 08/01/2033   18,915
16,359 5.50%, 01/01/2034   16,734
185,062 4.00%, 05/01/2034   182,886
37,879 5.50%, 10/01/2034   38,805
697,646 2.50%, 06/01/2035   661,677
73,429 5.00%, 09/01/2035 73,919
84,747 5.00%, 12/01/2035   85,648
679,243 2.00%, 01/01/2036   626,620
7,166 5.00%, 01/01/2036   7,244
68,287 6.00%, 01/01/2036   71,720
34,910 6.00%, 07/01/2036   36,668
449,144 3.00%, 09/01/2036 426,589
7,974 5.50%, 05/01/2038   8,207
175,923 4.50%, 02/01/2040   174,322
272,225 5.00%, 03/01/2040   275,464
1,470,622 5.50%, 08/01/2040   1,512,637
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   163,694 3.50%, 06/01/2042   $    154,770
    97,003 3.50%, 11/01/2042        91,524
   458,225 4.00%, 05/01/2044       442,817
   405,429 3.00%, 11/01/2046       365,824
   810,391 3.00%, 12/01/2046       731,016
    82,031 4.00%, 07/01/2050        78,998
 1,233,840 2.50%, 11/01/2050     1,047,291
1,154,001 3.00%, 02/01/2051   1,031,284
1,433,215 2.00%, 03/01/2051   1,188,474
3,161,632 2.00%, 05/01/2051   2,565,698
2,071,068 3.00%, 07/01/2051   1,850,608
2,099,246 2.50%, 09/01/2051   1,772,220
3,416,863 2.00%, 10/01/2051   2,780,675
4,137,275 2.00%, 12/01/2051 3,364,581
2,169,426 2.50%, 02/01/2052   1,852,678
1,338,947 2.00%, 03/01/2052   1,098,081
2,364,329 3.00%, 04/01/2052   2,099,168
373,775 4.00%, 04/01/2052   355,068
1,909,676 2.50%, 05/01/2052   1,642,474
2,546,342 3.50%, 05/01/2052   2,351,378
4,165,562 4.50%, 07/01/2052 4,046,944
1,366,378 3.50%, 08/01/2052   1,259,975
2,920,243 4.50%, 08/01/2052 2,839,460
1,468,471 4.50%, 09/01/2052   1,429,974
1,411,307 4.50%, 10/01/2052   1,368,504
2,331,068 5.00%, 10/01/2052   2,328,075
915,328 5.00%, 01/01/2053   911,061
4,498,866 5.50%, 02/01/2053 4,548,741
2,361,799 6.00%, 02/01/2053   2,451,193
2,731,104 5.50%, 07/01/2053   2,763,751
1,286,675 5.50%, 08/01/2053   1,319,776
1,505,857 6.50%, 11/01/2053   1,577,563
1,310,436 4.50%, 03/01/2054   1,266,904
1,331,487 5.50%, 09/01/2054   1,340,608
3,855,559 5.00%, 12/01/2054 3,835,782
1,523,883 4.50%, 01/01/2055   1,471,372
1,309,255 5.00%, 01/01/2055   1,302,086
1,962,729 4.50%, 07/01/2055   1,907,307
1,585,667 5.00%, 12/01/2055   1,570,758
  Federal Home Loan Mortgage Corp Multifamily Structured Pass Through Certificates  
  Series K136 Class A2  
1,780,000 2.13%, 11/25/2031   1,588,174
  Series K517 Class A2  
2,500,000 5.36%, 01/25/2029(d)   2,573,986
  Series K522 Class A2  
2,346,256 4.80%, 05/25/2029   2,383,479
  Series K532 Class A2  
2,800,000 4.25%, 11/25/2029(d)   2,802,904
  Series K533 Class A2  
2,690,000 4.23%, 12/25/2029(d)   2,690,838
  Series K535 Class A2  
2,640,000 4.69%, 11/25/2029(d)   2,679,874
  Series K537 Class A2  
1,550,000 4.43%, 02/25/2030(d)   1,560,287
  Series K539 Class A2  
2,350,000 4.41%, 01/25/2030(d)   2,363,964
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Series K753 Class A2  
$ 2,760,000 4.40%, 10/25/2030   $  2,773,489
  Series K760 Class A2  
 2,080,000 4.55%, 01/25/2032(d)     2,099,251
  Federal Home Loan Mortgage Corp Real Estate Mortgage Investment Conduit  
  Series 4769 Class QL  
 2,186,503 3.50%, 09/15/2047     2,029,660
  Series 5238 Class BC  
2,331,192 4.00%, 09/25/2049   2,263,931
  Series 5559 Class BA  
1,217,748 5.00%, 02/25/2052   1,214,788
1,020,000 Federal Home Loan Mortgage Corp Structured Agency Credit Risk Real Estate Mortgage Investment Conduit Trust(a)(b)
Series 2022-DNA4 Class M1B
7.01%,  05/25/2042
1-mo. SOFR + 3.35% 		1,041,675
59,067 Federal Home Loan Mortgage Corp Structured Pass Through Certificates(b)
Series T-34 Class A1V
4.02%,  07/25/2031
1-mo. SOFR + 0.35% 		58,595
  Federal National Mortgage Association  
12,409 3.00%, 06/01/2027   12,312
102,296 3.00%, 08/01/2029   100,650
1,240,000 4.74%, 12/01/2029   1,261,423
1,270,000 4.85%, 01/01/2030   1,296,996
1,350,000 4.94%, 02/01/2030   1,383,779
6,360 7.00%, 02/01/2031   6,679
15,162 7.00%, 09/01/2031   15,921
30,482 6.50%, 12/01/2031   31,514
20,225 7.00%, 12/01/2031   21,238
42,523 6.50%, 01/01/2032   43,962
20,969 7.00%, 01/01/2032   22,020
14,863 6.50%, 02/01/2032   15,366
564,606 3.00%, 05/01/2032   548,330
31,690 5.50%, 07/01/2033   32,275
11,606 5.50%, 09/01/2033   11,911
1,585,786 4.00%, 02/01/2034   1,576,550
27,310 5.50%, 03/01/2034   27,896
41,239 5.50%, 12/01/2034   42,202
64,331 5.50%, 02/01/2035 65,733
37,748 5.00%, 09/01/2035   37,962
89,078 5.00%, 10/01/2035   89,858
10,278 6.00%, 02/01/2036   10,782
14,931 6.00%, 03/01/2036   15,661
54,281 5.50%, 05/01/2036   56,014
1,820,983 2.00%, 02/01/2037   1,677,545
1,716,878 2.00%, 03/01/2037   1,580,573
1,533,148 2.50%, 03/01/2037   1,455,683
20,319 6.00%, 05/01/2037   21,317
28,893 5.00%, 07/01/2037   29,069
73,250 5.00%, 04/01/2039   74,030
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$   168,808 4.50%, 05/01/2039   $    167,064
    65,162 4.50%, 06/01/2039        64,488
    55,251 4.50%, 08/01/2039        54,680
   167,695 5.00%, 11/01/2039       169,479
    97,637 5.00%, 12/01/2039        98,676
 1,526,847 4.50%, 04/01/2040     1,519,389
   108,051 5.00%, 06/01/2040       109,201
425,966 4.50%, 08/01/2040   421,566
43,796 4.50%, 09/01/2040   43,343
137,360 5.00%, 09/01/2040   138,822
116,939 4.50%, 11/01/2040   115,730
87,865 5.00%, 01/01/2041   88,205
104,870 4.50%, 02/01/2041   103,785
21,897 4.00%, 03/01/2041   21,149
506,859 4.50%, 03/01/2041 501,620
138,365 4.00%, 09/01/2041   133,635
187,056 4.50%, 10/01/2041   185,122
412,085 3.50%, 12/01/2041   390,122
588,303 4.00%, 12/01/2041 568,177
331,690 4.00%, 07/01/2042   320,298
202,669 3.50%, 09/01/2042   188,942
214,920 3.50%, 10/01/2042   202,487
277,651 3.00%, 03/01/2043   254,141
2,158,202 5.00%, 05/01/2043   2,149,967
2,427,744 5.00%, 06/01/2043   2,429,902
217,925 3.00%, 07/01/2043   197,518
305,082 3.00%, 08/01/2043   278,870
195,363 3.00%, 09/01/2043   178,944
1,514,001 3.50%, 07/01/2047   1,428,281
990,316 4.00%, 08/01/2047   948,452
425,595 3.50%, 03/01/2048   395,674
1,219,088 3.00%, 01/01/2049   1,110,495
354,940 3.00%, 12/01/2049   315,971
242,815 3.00%, 01/01/2050   216,157
1,689,424 3.50%, 07/01/2050   1,576,969
1,286,712 2.00%, 08/01/2050   1,047,012
475,887 2.50%, 08/01/2050   404,558
1,236,217 2.50%, 10/01/2050   1,050,966
2,889,752 2.00%, 11/01/2050   2,382,176
2,272,956 2.00%, 12/01/2050   1,876,406
2,703,384 2.00%, 01/01/2051   2,231,505
3,565,019 2.00%, 09/01/2051   2,891,950
3,599,309 2.00%, 10/01/2051   2,922,370
1,770,439 2.50%, 10/01/2051   1,512,583
3,725,099 2.00%, 11/01/2051 3,044,211
4,311,859 2.50%, 01/01/2052 3,680,071
4,207,591 3.50%, 01/01/2052 3,893,221
7,447,254 2.50%, 02/01/2052 6,375,101
10,991,318 2.00%, 03/01/2052 9,007,899
2,303,617 2.50%, 03/01/2052   1,967,305
8,724,575 3.00%, 03/01/2052 7,749,992
1,343,992 2.00%, 04/01/2052   1,093,670
1,869,944 3.50%, 04/01/2052   1,729,538
3,498,298 4.00%, 06/01/2052 3,330,008
2,450,655 4.00%, 07/01/2052   2,323,825
1,877,989 5.00%, 07/01/2052   1,866,823
2,738,914 4.00%, 08/01/2052   2,597,921
1,764,200 5.00%, 08/01/2052   1,753,645
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
U.S. Government Agency — (continued)
$ 2,514,466 4.50%, 09/01/2052   $  2,447,233
 1,279,751 5.00%, 10/01/2052     1,272,123
 1,092,083 6.00%, 03/01/2053     1,127,741
   290,652 4.00%, 04/01/2053       275,527
 1,170,695 6.00%, 10/01/2053     1,205,836
 2,291,397 6.00%, 11/01/2053     2,339,183
 1,499,749 6.50%, 02/01/2054     1,569,837
2,161,447 6.00%, 06/01/2054   2,207,754
2,271,296 6.00%, 09/01/2054   2,344,868
2,942,492 4.50%, 10/01/2054   2,847,932
648,236 5.00%, 10/01/2054   646,301
4,235,677 5.00%, 11/01/2054 4,203,254
2,372,088 5.50%, 11/01/2054   2,416,552
1,527,593 6.50%, 07/01/2055   1,582,472
2,707,931 5.50%, 08/01/2055   2,739,074
845,139 3.50%, 08/01/2056   768,924
920,813 3.00%, 02/01/2057   786,501
  Federal National Mortgage Association Alternative Credit Enhancement Security(d)  
  Series 2018-M3 Class A2  
2,375,447 3.07%, 02/25/2030   2,291,468
  Series 2023-M5 Class 2A2  
2,898,173 4.50%, 07/25/2028   2,910,601
  Government National Mortgage Association  
88 7.50%, 10/20/2028   89
366 7.50%, 12/20/2028   370
1,750,919 3.00%, 06/20/2050   1,566,775
2,293,555 2.50%, 03/20/2051   1,974,549
1,489,856 3.00%, 08/20/2051   1,331,035
3,525,492 2.00%, 09/20/2051   2,914,070
5,482,096 2.50%, 11/20/2051   4,719,500
5,824,821 2.00%, 12/20/2051   4,814,629
5,186,432 3.50%, 02/20/2052   4,802,426
2,391,266 3.50%, 06/20/2052   2,211,630
2,639,675 4.00%, 07/20/2052   2,477,601
2,650,249 3.50%, 08/20/2052   2,448,796
2,550,095 4.50%, 08/20/2052   2,483,687
5,039,838 4.50%, 09/20/2052 4,898,588
2,464,311 5.00%, 09/20/2052   2,451,370
2,302,573 5.00%, 10/20/2052   2,300,374
1,216,586 5.00%, 05/20/2053   1,211,692
1,562,701 5.50%, 05/20/2053   1,585,652
4,788,387 5.00%, 06/20/2053 4,767,584
1,556,604 5.50%, 06/20/2053   1,578,994
1,564,216 5.50%, 01/20/2054   1,589,504
1,552,088 5.50%, 02/20/2054   1,570,627
  Series 2024-125 Class H  
1,429,143 4.50%, 10/20/2051   1,407,848
  Series 2025-150 Class HP  
1,476,066 4.50%, 10/20/2053   1,453,851
  Series 2026-31 Class CD  
1,388,267 4.25%, 10/16/2052   1,363,860
2,000,000 Uniform Mortgage-Backed Security(e)
2.00%, TBA    		1,610,469
Principal Amount   Fair Value
U.S. Government Agency — (continued)
  Vendee Mortgage Trust  
  Series 1996-3 Class 1Z  
$    50,426 6.75%, 09/15/2026   $     50,451
  Series 2002-1 Class 1A  
    99,388 6.00%, 10/15/2031       100,653
    294,268,873
TOTAL MORTGAGE-BACKED SECURITIES — 47.98%
(Cost $307,890,654) 		$299,414,848
U.S. GOVERNMENT AGENCY BONDS AND NOTES
  Federal Home Loan Bank  
500,000 5.75%, 06/12/2026 501,870
3,500,000 1.75%, 01/19/2029 3,294,898
TOTAL U.S. GOVERNMENT AGENCY BONDS AND NOTES — 0.61%
(Cost $3,761,254) 		$3,796,768
U.S. TREASURY BONDS AND NOTES
  United States Treasury Note/Bond  
26,900,000 4.13%, 01/31/2027 26,983,012
11,000,000 4.25%, 01/15/2028 11,077,773
14,900,000 4.25%, 02/15/2028 15,014,078
17,800,000 3.88%, 07/15/2028 17,820,860
24,200,000 3.50%, 11/15/2028 24,004,320
28,400,000 4.13%, 08/31/2030 28,618,547
27,800,000 3.50%, 11/30/2030 27,288,524
29,100,000 3.75%, 10/31/2032 28,494,129
19,800,000 4.25%, 08/15/2035 19,725,750
18,700,000 4.75%, 02/15/2045 18,374,211
17,200,000 4.63%, 11/15/2045 16,589,938
27,900,000 4.63%, 11/15/2055 26,657,578
TOTAL U.S. TREASURY BONDS AND NOTES — 41.76%
(Cost $263,052,072) 		$260,648,720
Shares    
GOVERNMENT MONEY MARKET MUTUAL FUNDS
4,080,411 Dreyfus Institutional Preferred Government Money Market Fund Institutional Class(f), 3.60%(g) 4,080,411
TOTAL GOVERNMENT MONEY MARKET MUTUAL FUNDS — 0.65%
(Cost $4,080,411) 		$4,080,411
 
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
EMPOWER U.S. GOVERNMENT SECURITIES FUND
Schedule of Investments
As of March 31, 2026 (Unaudited)
Principal Amount   Fair Value
SHORT TERM INVESTMENTS
U.S. Treasury Bonds and Notes — 0.92%
  U.S. Treasury Bills  
$ 4,000,000 3.60%, 04/02/2026(h)(i)
$  3,999,600
 1,700,000 3.60%, 04/16/2026
  1,697,456
TOTAL SHORT TERM INVESTMENTS — 0.92%
(Cost $5,697,056) 		$5,697,056
TOTAL INVESTMENTS — 99.50%
(Cost $631,783,422) 		$620,961,259
OTHER ASSETS & LIABILITIES, NET — 0.50% $3,151,115
TOTAL NET ASSETS — 100.00% $624,112,374
(a)  Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. As of March 31, 2026, the aggregate fair value of 144A securities was $28,664,466, representing 4.59% of net assets.
(b)  Adjustable rate security; interest rate is subject to change. Interest rate shown reflects the rate in effect as of March 31, 2026.
(c)  Step bond; a zero coupon bond that converts to a fixed rate or variable interest rate at a designated future date.  Rate disclosed represents effective yield as of March 31, 2026. Maturity date disclosed represents final maturity date.
(d)  Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Interest rate shown reflects the rate in effect as of March 31, 2026.
(e)  Single-class security backed by mortgage loans purchased by either Freddie Mac or Fannie Mae.
(f)  Collateral received for securities on loan.
(g)  Rate shown is the 7-day yield as of March 31, 2026.
(h)  All or a portion of the security is on loan as of March 31, 2026.
(i)  Zero coupon bond; the interest rate shown is the effective yield on date of purchase.
SOFR  Secured Overnight Financing Rate
TBA  To Be Announced
As of March 31, 2026, the Fund held the following outstanding exchange traded futures contracts:
Description Number of
Contracts 		Notional Amount
(000) 		Expiration
Date 		Fair Value and
Net Unrealized
(Depreciation)
Long          
U.S. 10 Year Treasury Note Futures 90 USD 9,994 Jun 2026 $(167,098)
U.S. 10 Year Treasury Ultra Futures 15 USD 1,703 Jun 2026 (31,875)
U.S. 5 Year Treasury Note Futures 30 USD 3,245 Jun 2026 (40,614)
U.S. Long Bond Futures 81 USD 9,224 Jun 2026 (268,473)
U.S. Ultra Bond Futures 75 USD 8,742 Jun 2026 (188,313)
        Net Depreciation $(696,373)
See Notes to Schedule of Investments.
March 31, 2026

 

EMPOWER FUNDS, INC.
Notes to Schedule of Investments (Unaudited)
Security Valuation
The Board of Directors of Empower Funds (the "Board") has adopted policies and procedures for the valuation of each Fund's securities and assets, and has appointed the Fair Value Pricing Committee of the Funds' investment adviser, Empower Capital Management, LLC ("ECM"), to complete valuation determinations under those policies and procedures. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Board approved ECM as the Funds' valuation designee to make all fair value determinations with respect to the Funds' investments, subject to oversight by the Board.
Each Fund generally values its securities based on market prices determined at the close of regular trading on the New York Stock Exchange ("NYSE") on each day the NYSE is open for trading. The net asset value ("NAV") of each class of a Fund’s shares is determined by dividing the net assets attributable to each class of shares of the Fund by the number of issued and outstanding shares of each class of the Fund on each valuation date.
For securities that are traded on only one exchange, the last sale price as of the close of business of that exchange will be used.  If the closing price is not available, the current bid as of the close of business will be used.  For securities traded on more than one exchange, or upon one or more exchanges and in the OTC market, the last sale price as of the close of business on the market which the security is traded most extensively will be used.  If the closing price is not available, the current bid as of the close of business will be used.  For securities that principally trade on the NASDAQ National Market System, the NASDAQ official closing price will be used.
For private equity securities that are not traded on an exchange, an appropriate source, which may include the use of an internally developed or approved valuation model, a different external pricing vendor, or sourcing a price from a broker will be used. Valuation of these securities will be reviewed regularly by the Fair Value Pricing Committee.
Short term securities purchased with less than 60 days remaining until maturity and all U.S. Treasury Bills are valued on the basis of amortized cost, which has been determined to approximate fair value.  Short term securities purchased with more than 60 days remaining until maturity are valued using pricing services, or in the event a price is not available from a pricing service, may be priced using other methodologies approved by the Board, including model pricing or pricing on the basis of quotations from brokers or dealers, and will continue to be priced until final maturity.
Investments in shares of the underlying mutual funds are valued at the net asset value as reported by the underlying mutual fund, which may be obtained from pricing services or other pricing sources.
Fixed income investments, including bank loans, are valued using evaluated bid prices from approved pricing services when available and appropriate based on the conditions of the market. If a price cannot be located from either the primary or secondary sources, or if the market is determined to be illiquid or inactive, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Foreign equity securities are generally valued using an adjusted systematic fair value price from an independent pricing service. Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.
For derivatives that are traded on an exchange, the last sale price as of the close of business of the exchange will be used.  For derivatives traded OTC, independent pricing services will be utilized when possible.  If a price cannot be located from the primary source, other appropriate sources, which may include the use of an internally developed valuation model, another external pricing vendor or sourcing a price from a broker, may be used.
Independent pricing services are approved by the Board and are utilized for all investment types when available.  In some instances valuations from independent pricing services are not available or do not reflect events in the market between the time the market closed and the valuation time and therefore fair valuation procedures are implemented. The fair value for some securities may be obtained from pricing services or other pricing sources.  The inputs used by the pricing services are
March 31, 2026

 

reviewed quarterly or when the pricing vendor issues updates to its pricing methodologies. Broker quotes are analyzed through an internal review process, which includes a review of known market conditions and other relevant data. Developments that might trigger fair value pricing could be natural disasters, government actions or fluctuations in domestic and foreign markets.
The following table provides examples of the inputs that are commonly used for valuing particular classes of securities.  These classifications are not exclusive, and any inputs may be used to value any other security class.
Class Inputs
Asset-Backed Securities Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, and monthly payment information.
Bank Loans Broker quotes, Loan Syndications and Trading Association daily marks, loan analytics and market news
Corporate Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include observations of equity and credit default swap curves related to issuer.
Convertible Bonds, Convertible Preferred Stock,
Preferred Stock 		Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs also may include exchange prices.
Foreign Government Bonds and Notes Benchmark yields, executed trades, broker/dealer quotes, credit information, collateral attributes, issuer spreads, benchmark securities, treasury/swap maturity curves, issuer spread curves, evaluated bids, market corroborated inputs, offers and reference data including market research publications  
Mortgage-Backed Securities Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Inputs may also include new issue data, collateral performance, TBA prices, monthly payment information and third party real estate analysis.
Municipal Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications.  Inputs also may include reported trades, benchmark yields, new issue data, and material event notices.
U.S. Government Agency Bonds and Notes, U.S. Treasury Bonds and Notes Benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications
Common Stock Exchange traded close price, bids, evaluated bids, open and close price of the local exchange, exchange rates, fair values based on significant market movement and various index data
Rights Exchange traded close price, bids and evaluated bids
Government Money Market Mutual Funds Net asset value of underlying mutual fund
Purchased and Written Options Cash rates, futures and swap rates, FX spot and forward curve, FX volatilities, interest rates, net present value of cash flows
Short Term Investments Maturity date, credit quality and interest rates
Futures Contracts Exchange traded close price
Forward Foreign Currency Contracts Foreign currency spot and forward rates
Credit Default Swaps Reported trades, credit spreads and curves, recovery rates, restructuring types and net present value of cashflows
Interest Rate Swaps Interest rate curves, SOFR curves, reported trades and swap curves
Inflation Swaps Interest rate curves, CPI or relevant inflation index curves, SOFR/OIS curves, reported trades, and swap curves
March 31, 2026

 

The Funds classify their valuations into three levels based upon the observability of inputs to the valuation of each Fund’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 – Unadjusted quoted prices for identical securities in active markets.
Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly.  These may include quoted prices for similar assets in active markets.
Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes.  Unobservable inputs reflect a Fund’s own assumptions and would be based on the best information available under the circumstances.
As of March 31, 2026, the inputs used to value the Empower High Yield Bond Fund and the Empower Multi-Sector Bond Fund investments are detailed in the following tables. More information regarding the sector classifications, as applicable, are included in the Schedule of Investments. For the remaining Funds, all the investments were valued using Level 2 inputs, except for Futures contracts and Government Money Market Mutual Funds, which were valued using Level 1 inputs.
Empower High Yield Bond Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Bank Loans $—   $23,804,919   $—   $23,804,919
Corporate Bonds and Notes —   570,808,845   23   570,808,868
Convertible Bonds —   158,444,172   —   158,444,172
Common Stock              
Basic Materials 375,268   —   —   375,268
Communications —   191,985   —   191,985
Consumer, Cyclical 580,492   —   —   580,492
Energy 1,085,824   —   —   1,085,824
Industrial 351,700   —   —   351,700
  2,393,284   191,985   —   2,585,269
Convertible Preferred Stock —   17,837,059   —   17,837,059
Preferred Stock —   6,163,559   —   6,163,559
Government Money Market Mutual Funds 20,813,609   —   —   20,813,609
Total investments, at fair value: 23,206,893   777,250,539   23   800,457,455
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   6,390   —   6,390
Total Assets $23,206,893   $777,256,929   $23   $800,463,845
Liabilities              
Other Financial Investments              
Credit Default Swaps(a) —   (202,917)   —   (202,917)
Forward Foreign Currency Contracts(a) —   (58,232)   —   (58,232)
Total Liabilities $—   $(261,149)   $—   $(261,149)
(a)  Forward Foreign Currency Contracts and Credit Default Swaps are reported at the security's unrealized appreciation (depreciation), which represents the change in the contract's value from trade date.
March 31, 2026

 

Empower Multi-Sector Bond Fund
  Level 1   Level 2   Level 3   Total
Assets              
Investments, at fair value:              
Asset-Backed Securities $—   $171,359,624   $—   $171,359,624
Bank Loans —   93,739,338   —   93,739,338
Corporate Bonds and Notes —   585,978,863   —   585,978,863
Convertible Bonds —   10,821,342   —   10,821,342
Foreign Government Bonds and Notes —   165,443,611   —   165,443,611
Mortgage-Backed Securities —   193,773,420   —   193,773,420
Municipal Bonds and Notes —   845,089   —   845,089
U.S. Treasury Bonds and Notes —   147,890,203   —   147,890,203
Common Stock              
Communications 124,336   192,891   —   317,227
Consumer, Non-cyclical 1,369,882   1,490   6,309   1,377,681
Financial 2,141   36,412   1,300   39,853
Industrial —   91,319   —   91,319
  1,496,359   322,112   7,609   1,826,080
Convertible Preferred Stock —   1,011,763   —   1,011,763
Preferred Stock —   352,990   —   352,990
Rights —   4,941   —   4,941
Government Money Market Mutual Funds 17,685,501   —   —   17,685,501
Short Term Investments —   10,365,891   —   10,365,891
Total investments, at fair value: 19,181,860   1,381,909,187   7,609   1,401,098,656
Other Financial Investments:              
Forward Foreign Currency Contracts(a) —   4,125   —   4,125
Credit Default Swaps(a) —   60,934   —   60,934
Futures Contracts(a) 4,344,118   —   —   4,344,118
Total Assets $23,525,978   $1,381,974,246   $7,609   $1,405,507,833
Liabilities              
Other Financial Investments              
Futures Contracts(a) $(7,166,665)   $—   $—   $(7,166,665)
Total Liabilities $(7,166,665)   $—   $—   $(7,166,665)
(a)  Credit Default Swaps, Futures Contracts and Forward Foreign Currency Contracts are reported at the security’s unrealized appreciation (depreciation), which represents the change in the contract’s value from trade date.
To Be Announced Transactions
A Fund may invest in securities known as To Be Announced ("TBA") securities. TBAs are Federal National Mortgage Association, Federal Home Loan Mortgage Corporation or Government National Mortgage Association issued mortgage backed securities for forward settlement, in which the buyer and seller decide on trade parameters, but the exact pools are unknown until two days before settlement date.  The transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. TBA transactions generally settle monthly on a specified date.
March 31, 2026

 

Short Sales
A Fund may engage in “short sales”. Short sales involve selling short a security (usually a TBA) that a Fund has the right to obtain, for delivery at a specified date in the future. A Fund may enter into short sales to hedge against anticipated declines in the market price of securities held in a Fund. A Fund does not deliver from the portfolio the securities sold short and does not immediately receive the proceeds of the short sale. A Fund borrows the securities sold short and receives proceeds from the short sale only when a Fund delivers the securities to the lender. If the value of the securities sold short increases prior to the scheduled delivery date, a Fund loses the opportunity to participate in the gain. A gain or loss is recognized upon termination of a short sale. Interest income is not earned on short sales. A Fund nets short and long TBA positions with the same counterparty if a master netting agreement exists.
Dollar Rolls
A Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase TBA mortgage-backed securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Treasury Inflation-Protected Securities
For Treasury Inflation-Protected Securities ("TIPS") the principal amount is adjusted daily to keep pace with inflation. Interest is accrued based on the adjusted principal amount.
Options and Swaptions
A Fund may buy and sell put and call options, or write put and call options in order to increase, decrease, or change the level or types of exposure to market risk factors. When an option is purchased, a Fund is entitled to buy and sell a specified number of shares or units of a particular security, currency, or index at a specified price at a specified date or within a specified period of time. When an option is written, a Fund receives a premium and becomes obligated to sell or purchase the underlying security, currency or other underlying financial instrument at a fixed price, upon exercise of the option. A purchased call or written put option becomes more valuable as the price of the underlying financial instrument appreciates relative to the strike price. A purchased put or written call option becomes more valuable as the price of the underlying financial instrument depreciates relative to the strike price. Options can be an OTC transaction or may be executed on a registered exchange and cleared through a clearing-house associated with the exchange. The use of options may involve risks such as a Fund paying a premium without the option being exercised, or that the clearinghouse will fail to perform its obligations. The risk in writing a call option is the market price of the underlying security increasing above the strike price and the option being exercised. The risk in writing a put option is the market price of the underlying security decreasing below the strike price and the option being exercised. When writing options, a Fund has the additional risk that there may be an illiquid market where the Fund is unable to close the contract. The risk in buying an option is that a Fund pays a premium for the option, and the option may be worth less than the premium paid or expire worthless.
Purchased options, if any, are reported in the Schedule of Investments. Written options, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call option for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When a Fund writes an option, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written.
Purchased and written swaptions, if any, are disclosed in a table following the Schedule of Investments. Upon purchasing a put or call swaption for a premium, the premium paid is recorded as an investment and its value is marked-to-market daily. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the option written.
Futures Contracts
A Fund may use futures contracts in order to capitalize on expected changes in the shape of the yield curve and to control overall interest rate exposure.  A futures contract is an agreement between two parties to buy or sell a specified underlying investment for a fixed price at a specified future date. Futures contracts are generally entered into on a regulated futures
March 31, 2026

 

exchange and cleared through a clearinghouse associated with the exchange.  The use of futures contracts may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities that comprise the index, or that the clearinghouse will fail to perform its obligations.
Forward Foreign Currency Contracts
A Fund may enter into OTC forward foreign currency contracts ("forward contracts") primarily to capture potential returns from changes in currency exchange rates or to reduce the risk of undesired currency exposure.  A forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated rate.
Swaps
Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between a Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps. Payments received or paid are recorded as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded equal to the difference between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
For centrally cleared swaps, required initial margin deposits of cash or securities are pledged by a Fund. Securities deposited as initial margin are designated in the Schedule of Investments.  Any upfront premiums paid or received upon entering into a swap are capitalized and amortized to income over the term of the swap. Upfront premiums are disclosed as upfront premiums paid/received in a table following the Schedule of Investments.
Credit Default Swaps
A Fund may enter into credit default swap contracts in order to gain exposure on individual names and/or baskets of securities. A credit default swap is an agreement between a Fund and a counterparty that enables the Fund to buy or sell protection against a credit event related to a particular issuer. One party, acting as a protection buyer, makes periodic payments to the other party, a protection seller, in exchange for a promise by the protection seller to make a payment to the protection buyer if a negative credit event (such as a delinquent payment or default) occurs with respect to a referenced bond or group of bonds. Credit default swaps may also be structured based on the debt of a basket of issuers, rather than a single issuer, and may be customized with respect to the number of default event that triggers purchase or other factors (for example, the Nth default within a basket, or defaults by a particular combination of issuers within the basket, may trigger a payment obligation). These agreements may be privately negotiated in the OTC market (OTC credit default swaps) or may be executed on a registered exchange (centrally cleared credit default swaps).
Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly.
Interest Rate Swaps
A Fund may enter into interest rate swap contracts primarily to manage interest rate risk. An interest rate swap is an agreement between two parties to exchange interest rate payment obligations. Typically, one is based on an interest rate fixed to maturity while the other is based on an interest rate that changes in accordance with changes in a designated benchmark (for example, the SOFR, prime rate, commercial paper rate, or other benchmarks). Each party’s payment obligation under an interest rate swap is determined by reference to a specified notional amount of money. Therefore, interest rate swaps generally do not involve the delivery of securities, other underlying instruments, or principal amounts; rather they entail the exchange of cash payments based on the application of the designated interest rates to the notional amount. These agreements may be privately negotiated in the OTC market (OTC interest rate swaps) or may be executed on a registered exchange (centrally cleared interest rate swaps).
March 31, 2026

 

A Fund may enter into interest rate swaps in which it either pays or receives a fixed interest rate and pays or receives a floating interest rate. Barring swap counterparty default, the risk of loss in an interest rate swap is limited to the net amount of interest payments that a Fund is obligated to make or receive (as applicable), as well as any early termination payment payable by or to the Fund upon early termination of the swap.
Inflation Swaps
A Fund may enter into inflation swap contracts in order to gain exposure to inflation (inflation risk). An inflation swap is a contract in which one party agrees to pay the cumulative percentage increase in a price index (such as the Consumer Price Index ("CPI") with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the value of securities against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases. These agreements may be privately negotiated in the OTC market (OTC inflation swaps) or may be executed on a registered exchange (centrally cleared inflation swaps).
The following tables represent the average month-end volume of each Fund’s derivative transactions, if any, during the reporting period:
Empower Core Bond Fund  
Futures Contracts:  
Average long contracts 1,031
Average short contracts 260
Average notional long $145,177,236
Average notional short $29,474,272
Forward Currency Exchange Contracts:  
Average notional amount $3,427,827
Centrally Cleared Interest Rate Swaps:  
Average notional amount $9,695,522,877
Centrally Cleared Credit Default Swaps:  
Average notional amount $43,798,350
Empower Global Bond Fund  
Futures Contracts:  
Average long contracts 1,708
Average short contracts 1,303
Average notional long $774,452,060
Average notional short $4,034,944,371
Forward Currency Exchange Contracts:  
Average notional amount $557,748,858
Purchased Swaptions:  
Average market value $71,081,250
Written Swaptions:  
Average market value $203,325,000
Centrally Cleared Interest Rate Swaps:  
Average notional amount $8,334,164,133
OTC Interest Rate Swaps:  
Average notional amount $8,400,000
Centrally Cleared Inflation Swaps:  
Average notional amount $41,294,414
Centrally Cleared Credit Default Swaps:  
Average notional amount $180,258,500
OTC Credit Default Swaps:  
Average notional amount $11,880,250
OTC Total Return Swaps:  
Average notional amount $3,547,643
March 31, 2026

 

Empower High Yield Bond Fund  
Forward Currency Exchange Contracts:  
Average notional amount $11,822,541
Centrally Cleared Credit Default Swaps:  
Average notional amount $11,004,000
Empower Inflation-Protected Securities Fund  
Futures Contracts:  
Average long contracts 2,616
Average short contracts 551
Average notional long $413,963,915
Average notional short $64,193,801
Centrally Cleared Interest Rate Swaps:  
Average notional amount $1,806,672,500
Centrally Cleared Inflation Swaps:  
Average notional amount $200,323,410
Empower Multi-Sector Bond Fund  
Futures Contracts:  
Average long contracts 4,465
Average short contracts 1,644
Average notional long $487,882,238
Average notional short $192,403,340
Forward Currency Exchange Contracts:  
Average notional amount $316,000
Centrally Cleared Credit Default Swaps:  
Average notional amount $1,710,000
Empower Short Duration Bond Fund  
Futures Contracts:  
Average long contracts 254
Average notional long $52,961,250
Centrally Cleared Interest Rate Swaps:  
Average notional amount $261,754,500
Empower U.S. Government Securities Fund  
Futures Contracts:  
Average long contracts 295
Average short contracts 7
Average notional long $33,414,283
Average notional short $708,043
March 31, 2026